Explains How the COVID-19 Pandemic is Affecting Life Insurance Markets; Handy Tips for Owners and Shoppers of Life Insurance

  • There is no “pandemic” exclusion in life insurance, death by coronavirus is covered for existing policyholders
  • Life insurance rates remain at all-time lows
  • No-exam plans soar in popularity as insurers drop the medical exam requirement
  • Market tightens for diabetics, medically impaired and older applicants & foreign travelers but coverage is still available at great rates
  • Doctors, nurses, healthcare workers, residents of hard-hit New York and New Jersey get same low rates as everybody else – for now

DARIEN, Illinois (April 10, 2020) –, the life insurance price comparison service that offers anonymous, comparative rate quotes and underwriting acceptance information on 43 highly-rated life insurers and allows customers to buy from any company shown, today released the results of a new life insurance survey that details current changes in the life insurance marketplace as a result of the deadly COVID-19 pandemic.

“We have some important news to share with the owners and shoppers of life insurance in this unprecedented time,” said CEO, Robert Bland. “This is an excellent time for owners of life insurance to review and understand what they own and for shoppers to realize that restrictions on new policies could become permanent and/or more restrictive. If you are thinking of buying a new life insurance policy, life insurance remains readily available and that prices are at all-time lows.”

Of interest to owners of life insurance

Rob Goss, Executive Vice President, remarked, “We urge owners of life insurance to take the time and effort to review their current policies and to make sure that the policy amount, beneficiary designation, time left on rate guarantee and any possible conversion rights are known and understood.”

“Some states are allowing policyholders to defer payment of insurance premiums if they have been negatively impact financial by the COVID-19 pandemic, so check with your State Insurance Department,” continued Goss. “If you have been laid off and are unemployed, check with your HR department to see if your group term life coverage ended with your layoff.”

Having an adequate amount of life insurance inforce is important and everybody’s situation is unique. Here are some generalized guidelines:

  • For people who work and have children or a mortgage: 10-15 times income
  • For home caregivers: $300,000 minimum
  • For burial-only coverage: $10,000-$25,000
  • For children up to age 18: Up to $25,000

Great prices are readily available if you are shopping for life insurance

Assuming no ratable health conditions, the following chart of sample monthly premiums below reveals the best possible monthly prices for a 10 year level term life policy. Most 10 year term life policies are renewable, without evidence of insurability, to age 90+ and may be convertible to permanent insurance without having to undergo further underwriting. Other initial rate guarantee periods such as 15, 20, 25, 30 years and longer are also available as are Guaranteed Universal Life and Whole Life, both of which can provide a level death benefit and level premium for life.

Sample 10 Year Term Life Insurance Rates
Female Monthly Rates
Sample 10 Year Term Life Insurance Rates
Male Monthly Rates

Each of the sample premiums shown assume that the applicant is in good health and has no ratable medical issues. Applicants with medical issues can also view instant quotes at Customers who want telephone advice and guidance can talk to our licensed specialists by calling (800) 556-9393.

COVID-19 pandemic changes that are affecting life insurance shoppers

“In recent days we’ve seen a significant number of acceptance guideline changes that life insurance shoppers should know about,” remarked Michelle Zieba, Sales Vice President. “The elimination of the medical exam requirement by some insurers is an overall plus for consumers, but the tightening of certain other acceptance guidelines by some insurers can make life insurance harder to obtain.”

On the issue of the “pandemic” exclusion that’s often seen in articles about insurance, LifeQuotes wants you to know that such an exclusion, while common in business insurance policies, is not generally seen in life insurance policies. Life insurance typically covers death by any cause at any time in any place, except for suicide within the first two policy years (one year in some states).

Zieba continued, “Noteworthy life insurer actions we’ve recorded in recent days from some insurers include the following items, while many others have not yet announced adjustments:”

  • Availability up to $3 million on a no-exam basis
  • Some insurers are declining applicants who have recently or plan to travel outside the United States
  • Some insurers are declining applicants who are significantly overweight
  • Acceptance after a positive test for COVID-19 is possible after a 14-day delay period and receipt of an attending physician statement stating the virus has been cleared
  • Some insurers are requiring a signed Statement of Good Health on the date policy is delivered
  • Some insurers will no longer underwrite applicants who are age 70 or above
  • Some insurers are declining applicants who have serious medical issues
  • Some insurers have withdrawn temporary or conditional coverage agreements, which means no immediate coverage until after the formal application is approved

“While it is exciting to see several insurers drop their medical exam requirements, underwriting still looks at all aspects of your health history and that those guidelines, including the financial and activity guidelines, have not been relaxed,” said Zieba. “If you have medical conditions, you can view customized quotes for yourself on an anonymous basis at and our licensed specialists are available by phone at 800-556-9393 to guide you or give advice. There still remains in the marketplace a wide variety of plans at excellent rates, including plans that ask no medical questions.”

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About is an insuretech pioneer that caters to self-directed life insurance shoppers at The company's innovative technology allows customers to instantly view quotes from 40 insurers and buy from the company of their choice on a paperless basis. The company's comparative rater also reveals underwriting guidelines for improved accuracy. More than 390,000 people have purchased policies through since the firm's founding in 1984. According to Data Bridge Market Research, the insuretech market is expected to witness market growth at a rate of 42.4% in the forecast period of 2021 to 2028 and is expected to reach $46 billion by 2028.

Survey Methodology

Life insurance policies described, quoted, shown and illustrated in this press release may not be available in all states and certain terms may vary by state where required by state law. The supplemental policies described provide limited benefits and are NOT comprehensive health insurance or major medical insurance and they do NOT satisfy a person's individual obligation to secure the requirements of minimum essential coverage under the Affordable Care Act (ACA). For more information about the ACA, refer to Policies examined include American Family Life Insurance Company, Madison, WI, policy form ICC14-LD10001; American National Insurance Company, Galveston, TX, policy form ART 12; Assurity Life Insurance Company, Lincoln, NE, policy form I L1702; Banner Life Insurance Company, Urbana, MD, policy form ICC08-LIA, and William Penn Life Insurance Company, Garden City, NY, policy form LIA-WP, both Legal & General America companies; Foresters Financial of Toronto, Canada, under form ICC16 770620; Haven Life Insurance Agency, Issued by C.M Life Insurance Agency, LLC, a subsidiary of Massachusetts Mutual Life Insurance Company (Mass Mutual) of Springfield, MA. Policy form # ICC19PCM-SI 0819); Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY, policy form LEF06321-18_7-10, and The Lincoln National Life Insurance Company, Fort Wayne, IN, policy form LEF06321_5-12, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; John Hancock Life Insurance Company (U.S.A) of Boston, MA 02117, on policy form number ICC16 2016TERM and John Hancock Life Insurance Company of New York, Valhalla, NY 10595, Minnesota Life Insurance Company and Securian Life Insurance Company of St. Paul, MN under policy number F76777-15; Pacific Life Insurance Company of Newport Beach, CA, policy form P16YLT. North American Company for Life & Health Insurance, Chicago, IL, policy form LS174; Penn Mutual Life Insurance Company of Horsham, PA, under policy form ICC13-LT; Principal Life Insurance Company of Des Moines, IA, under policy form ICC17 SN 104; Protective Life and Annuity, Birmingham, AL, policy form TI-15; Pruco Life Insurance Company of New Jersey, Newark, NJ, policy form ORD 96200-2010, me