Have you been putting off buying life insurance because you thought
the requirements were too onerous?
Well, you may want to reconsider once you read about these 5 trends
that are changing the face of life insurance sales!
Here’s what we read this week in California Broker (doesn’t the title
alone make you want to fall asleep?):
1. No more medical exams: isn’t this the real reason you have been
putting off buying life insurance?
“Some have difficulty working it into their schedules; some fear
needles; and others simply don’t want the hassle…Consumers choose
them overwhelmingly, even when they are more expensive than traditional
medical exam policies…In 2015, more than 10 companies offer these
simplified issue policies. However, maximum benefit amounts are often
2. More affordable policies: for those of you that were putting off
this purchase due to price, you, too, are in luck! Prices are dropping
for a few reasons: competition, lower administrative costs due to
technological efficiencies, and, since we are all living longer, insurers
are seeing more profits due to a decrease in claims.
3. New benefit options. Check this out: “Accelerated death benefit
riders offer access to the death benefit when the insured is terminally ill.
Now, we have the option to add chronic care and critical illness riders.”
“The chronic illness rider allows you to use the policy’s death benefit
if you are unable to perform two of the six daily living requirements of
bathing, continence, dressing, eating, toileting and transferring. This is
very similar to a long-term care policy. The critical-illness rider
allows the insured to use the policy’s death benefit in the case of critical
health conditions, such as cancer, heart attack, stroke, a major organ
transplant, end-stage renal failure, ALS, blindness, or paralysis of
two or more limbs.”
4. Painless Policy Procurement (that is just too much fun to say!):
technology has made paper policies primarily unnecessary and means
underwriting decisions can often be made within 24 hours!
5. No need to meet face-to-face. What a time saver for places with
traffic issues like Los Angeles. Taking a page from real estate transactions,
most insurers are now accepting electronic signatures.
If you are ready to take advantage of these trends, please give us
a call at 877.789.5831