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Americans looking for life insurance have one less option to choose from, as one of the main players in the industry announces changes related to the coronavirus.
Prudential said it would suspend acceptance of 30-year term life insurance applications due to “unprecedented market volatility” and “the expected environment of low interest rates for the foreseeable future “
The suspension will be in place until June.
“It is not shocking that a large life insurer like Prudential will suspend its 30-year term life insurance coverage until June,” Les Masterson, editor of Insure.com, told FOX Business. “There is so much flow right now. Insurance companies don’t like volatility. Their activity consists in preventing risks. “
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Life insurance is generally used to cover people who depend on you financially – it pays a tax-free death benefit to named beneficiaries. It is often removed by people who experience life-changing events, such as starting a family or buying a house. When you are younger, the rates tend to be lower.
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What does Prudential’s decision mean to you? This is one less life insurance coverage option that individuals should choose, said Masterson.
Prudential is the second largest life insurer in the United States in terms of net written premiums and the third largest seller of individual life insurance in terms of new and recurring premiums. Its individual life insurance business focuses on middle to high income households. He has approximately $ 4 trillion in gross life insurance in force worldwide.
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However, the options could be further limited in the short term if more insurers follow the example of Prudential. Masterson said it is entirely possible that other insurance companies could take their own steps to limit the risks.
Many people are evaluating insurance options in light of the ongoing coronavirus pandemic. When it comes to whether your insurance will pay for coronavirus deaths, NerdWallet experts have said that most people are covered by traditional and temporary life insurance policies.
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