According to the 2021 Insurance Barometer Study from Life Happens and LIMRA, the Coronavirus pandemic has driven an increase in life insurance purchase intent, with 31% of consumers more likely to buy life insurance due to COVID-19. 1 The impact is even greater among distinct audiences, with the likelihood of buying increasing to 45% among millennials and 42% among respondents who have household incomes of $150K or more.1
This changing mindset seems to indicate that consumers are thinking of additional ways to protect themselves and their families and that life insurance has become more of a priority relative to other financial concerns.
Add to this that consumers might be looking for an easy way to purchase life insurance without the hassle of a medical exam. This is the perfect opportunity for many consumers to consider a simplified issue/instant decision policy, which eliminates the need for a medical exam and can help an individual obtain a policy relatively fast.
Gerber Life has an array of whole life insurance products especially suited to meet this need. One such product is Gerber Life Whole Life Insurance, which provides an easy application process and the opportunity for simplified underwriting and quick decisions in certain cases.2
Gerber Life Whole Life Insurance is available to applicants ages 18 to 70 years old, who are either U. S. Citizens or permanent legal residents. It also offers:
- Competitively priced and guaranteed premiums3
- Guaranteed death benefit and cash value growth3
- $50,000 to $1,000,000 in permanent life insurance protection (minimum of $101,000 for age 50 and above)
- An array of Rider options for enhanced protection
To learn more about the impact of COVID-19 on life insurance purchase trends and to access an array of videos, fact sheets, and other featured content from LIMRA, click the following link for more information:
There’s no better time than now to show your clients and prospects how you can help them protect their families with Gerber Life Whole Life Insurance.
1 The Life Insurance Need Gap, source: 2021 Insurance Barometer Study, Life Happens and LIMRA.
2 Simplified underwriting and almost instant decisions are available to applicants under age 51 seeking coverage up to $300,000. Gerber Life will search databases for prescription history, motor vehicle records and medical information in order to provide an almost instant decision (within a minute) for most of the digital and telephone applications submitted during normal business hours. Full underwriting and a medical exam are required for applicants age 51 and over seeking over $100,000 in coverage and all applicants seeking over $300,000 in coverage.
3 Policy will remain in force and the premiums, cash value and death benefit are guaranteed as long as premiums are paid on time and within the Grace period specified in the policy. The cash value and death benefit will be reduced by any policy loans. The policy loan interest rate is 8%.