The coronavirus pandemic is making it harder for some Americans to get a life insurance policy, The Wall Street Journal reports. Prudential has halted sales of 30-year “term-life” policies; Penn Mutual isn’t selling to people over 70 and in poor health; and American International Group and Nationwide Mutual are capping the size of guaranteed universal-life policies. The newspaper explains that the collapse in interest rates means insurance companies have lost their primary means of making money: investing premiums in bonds.
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