Has the COVID-19 Pandemic Caused Life Insurance Rates to Increase?

It is certainly plausible to consider that a pandemic might cause an increase in what you will pay for a Term Life Insurance policy in 2021. After all—the cost of life insurance is intimately tied to the risk of mortality.  And obviously—a pandemic can indeed negatively impact our risk of passing away too soon leaving our loved ones unprotected.  
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So what’s really happening?

Fortunately—at McEvoy Insurance—we have NOT seen evidence of any increase in the costs of term life insurance products through our numerous, top-rated carriers.  Life insurance is as affordable now as it was in 2019 (pre-pandemic).  
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Past and on-going affordability of life insurance is crucial to point out to anyone hesitating to make a purchase due to overestimation of cost.  A recent LIMRA study (2021 Insurance Barometer) indicates that over 50% of the country believes life insurance costs 3 times more than reality demonstrates. In fact—that same study reports that most Millennials are overestimating cost by a factor of 6!

Consider this column chart representing the average cost of a typical policy:

Don’t let a misconception get in the way of doing the right thing for those who depend on you.  Life insurance is usually more affordable than people think.
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Call us today at (877) 296-2386 or get an instant quote and request an application right now.  We’re here to help you…

*About these rates: The pricing displayed here is not meant to provide the monthly premium that a specific life insurance company may charge. These rates are meant to reflect the average cost (accurate as of April 14, 2021) of life insurance providers you’ll find when you obtain a quote online through McEvoy Insurance.  Rates are ultimately determined by age and an individual’s unique health profile which means you could pay more or less than what is shown above. Get started here to found out how you may qualify. It only takes a couple of minutes!