Why the people rushing to get life insurance now are doing a smart thing GlobeMoney
The pandemic has revealed a big but fixable hole in our financial planning for emergencies.At PolicyMe, a website for buying life insurance, applications for term life policies shot up 70 per cent from February to March and have more or less held onto that increase in April and May. “The need has always been there for insurance," said Andrew Ostro, co-founder and CEO of PolicyMe. “What the pandemic has done is open people’s minds about it.
Mr. Ostro says PolicyMe’s quotes are supplied by seven insurance companies, none of which had raised their premiums for term life coverage as of late May. It’s quite possible they will in the future. Those latter two factors are working against insurers right now. The pandemic has increased mortality rates, but the extent still hasn’t been determined. Interest rates are way down since the beginning of the year and not expected to increase significantly for quite a while.
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