Now is the Best Time to Buy Term Life Insurance
There has never been a better time to buy term life insurance. It seems almost every month we are getting a notice that some company has dropped its rates. Most companies are trying their best to provide the most competitive rates in order to get more market share. This is great news for consumers as term life insurance rates have never been lower. Not only that, many life insurance companies have tried to streamline their application and underwriting processes to make the process of purchasing life insurance easier for consumers. Here is why now is the best time to buy term life insurance.
Term Life Insurance Rates are at All Time Lows
Term life insurance rates have been on the decline for some time. Our agency consistently receives notices that various companies have lowered their term life insurance rates. In the past year some of the companies that have lowered their rates on their term life insurance products include:
- John Hancock
- Protective Life
- Principal National Life
- United of Omaha
- AIG
- SBLI
Lower rates mean that more families can now afford life insurance. If you thought life insurance wasn’t affordable, it’s time to use our quoting tool on the right to see how inexpensive coverage can be.
Term Products are Evolving
It used to be that term life insurance was only meant to provide a benefit if you died. The fact is that you can buy term life insurance that offers chronic and critical illness riders. These riders allow you to access the death benefit early for chronic and critical illness expenses. Each company sets its own guidelines and conditions for access to these types of riders. Make sure your agent explains the details of each rider thoroughly before purchasing a policy with these riders. Read more about chronic and critical illness riders.
A new innovative product from John Hancock was recently introduced. John Hancock’s Vitality Program allows policyholders to reduce premiums each year by simply living a healthy lifestyle. Once you are a policyholder and enrolled in the Vitality Program, you will receive a free FitBit to monitor your progress which you can upload to the Vitality site to receive Vitality Points. The Vitality Program offers rewards such as gift cards, discounts on hotel rooms, reimbursements for healthy food you purchase at the grocery store and more.
The Application Process for Life Insurance is Easier
It used to be that every life insurance company made you fill out a paper application that required a wet signature. Almost all life insurance companies have evolved to embrace technology. Applications can now be submitted online and signed using e-signature technology. This makes buying life insurance easier and more efficient for consumers. You no longer have to sit down face to face with an agent if you don’t want to. The process can be done online or over the phone in most cases. A paramedical exam will still be required for fully underwritten life insurance but that process takes about 15 minutes and can be done at your home or office.
Life Insurance Underwriting is Becoming More Efficient
Underwriting has come a long way over the years. Many companies are becoming more lenient when it comes to underwriting applicants with health impairments. Advances in medicine and medical technology have allowed people with health impairments to better manage their conditions. There are many life insurance companies that will still offer their best health class ratings to applicants taking medication to control blood pressure and cholesterol.
The industry trend for life insurance underwriting seems to be moving toward expedited underwriting. One example right now is Principal Financial’s Accelerated Underwriting program which offers up to $1,000,000 of coverage without an exam if you qualify. If you don’t qualify, you will be required to take a paramedical exam, but for people in excellent health it is a great program. More companies are starting to adopt a minimal requirement underwriting model. This will make the process of buying life insurance even easier for consumers.
What if You Already Own a Life Insurance Policy?
If you purchased a policy a few years ago, it might make sense to check if there’s an opportunity for savings with a new policy. In many instances, consumers don’t take the time to shop their coverage the first time and end up spending more than necessary. Replacing your policy might make sense in some cases, especially if your health has improved or you have quit smoking for at least one year. In other cases, it might make sense to keep the policy that you have. You should take the time to have an independent agent to look at your options. We’ve been able to save our clients money in the past by replacing their policies. Your agent should take the time to review your coverage with you at least every year or so to make sure your needs are being met.
Researching Life Insurance has Never Been Easier
In the past, you would’ve had to sit with an agent face to face to learn about life insurance. Now, you can find a wealth of information on the internet about life insurance. Our website and blog alone will answer almost any question you could have about life insurance. Consumers can now thoroughly research and educate themselves about life insurance before purchasing coverage.
Now is the Best Time to Buy Term Life Insurance
What’s your excuse for not owning life insurance? Do you think it’s too expensive? Don’t think you have the time to buy it? Do you think your health condition makes you uninsurable? Do you not understand how life insurance works? The fact is that the process for purchasing life insurance coverage has never been easier. Technology has allowed us to help our clients obtain life insurance online with no hassle. Our goal is to make the experience of buying life insurance as easy as possible for you. We will shop over 40 of the top insurers to find you the best coverage for your needs at the lowest cost.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
