The current situation has highlighted a big but fixable hole in our financial planning for emergencies.

It’s term life insurance. All of a sudden, this unpleasant, often-ignored topic has gotten our full attention.

At dropdead we have seen a 100% increase in applications for term life insurance since March, and have more or less held on to that increase through to July. People have always needed term life insurance, but the catalyst to actually do something was not there. Death sharply focuses the mind on term life insurance. The situation has opened people minds to the fact that they will die. Maybe not today, perhaps not tomorrow, but the day will come when you’re pushing up daisies.

Term life insurance is what we’re talking about here. It’s the kind of insurance where you buy coverage for a set term and payout amount. When the term ends, you either get more insurance or let the policy drop.

You buy term if you have dependents who would suffer financially if you died. The reasons why people are thinking about term life insurance right now are obvious. Now is the right time to buy term life insurance. The longer you wait the more expensive it becomes.

So far, insurance companies have not raised their rates on term life insurance. Yet another reason to buy now. When a major pandemic hits in the future, life insurance companies may not sell term life insurance at all, let alone raise rates. This current situation is a dress rehearsal for something really bad. No need to wait – Buy now!! Too late will be the cry when the man with the bargains has passed you by…

Urine and blood tests were at one point commonly required for term life insurance applications, but the situation has accelerated a trend toward using these tests less. At dropdead you don’t need to give any of your precious fluids away!! Keep them. You can still get up to $450,000 of coverage with zero fluid loss. That’s much better than needles and cups of pee.

The average amount of coverage chosen by dropdead customers 45 and under is $450,000, while the overall average term is 20 years. Not to mention dropdead is super cheap. Take a look at a female nonsmoker who is 30 years old… for $450,000 of coverage it’s $23.63 per month. That’s stupid cheap!!!

The insurance industry is full of helpful suggestions on how much coverage to get – 10 times your annual salary is a good baseline. Affordability takes precedence though. Buy a policy with monthly premiums you can carry so you’re not tempted to bail out later to save cash. Cheap and cheerful is the motto here. There is no material difference between term life insurance policies, so always buy the cheapest.

The 20-year term life policies people are buying these days make good sense for the young families that need this coverage most. Your term life insurance need is at its highest when you have little children and a big mortgage. You’ll face higher premiums if you renew the policy when it expires, but the amount of required coverage will be much less because your mortgage will be smaller or gone and your kids close to self-sufficiency.

Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest life insurance solution you could wish for.