Once a tried and conservative group, the life insurance industry is doing all it can to keep up with the world, and is now evolving rapidly to insure more people than ever before with new products and underwriting changes aimed at a more diverse population.
Part of the changes lies with technology and consumer expectations. We’re getting accustomed to the elegance, intuition and ease of the Amazon/Apple experience and want the same responsiveness and accessibility in life insurance services and advice.
Consumers still need accurate independent advice but getting their advice by phone and email has now become common place.
The Evolution of Selling Life Insurance Over the Internet
One of the first signs of the times changing in the life insurance industry was the move to the Internet to apply for and place life insurance policies. It’s expected that the number of people connected to the Internet will increase from 1.8 billion today to 5 billion by 2020, thus changing how customers across the planet will interact with their advisors and other businesses.
Cost Competitive and Flexibility
When life insurance first came to be, not everyone could afford it. This has now changed as the industry continues to get more competitive. A simple term policy for a healthy young person can be under $12/month! In the past there wasn’t much wiggle room in the pricing.
Now there’s many choices in how consumers can set up their life insurance policies to match their lifestyle.
No Medical Life Insurance
The next big move changing the life insurance industry was the creation and distribution of no medical life insurance. Back in the day, to get life insurance consumers had to complete an exhaustive application, have a medical exam, and often supply mounds of medical records.
Although this is sometimes still needed for high limit traditional life insurance policies, consumers now have the added option of getting no medical life insurance with few questions, no lab samples and no medical exam. All they have to do in answer a few general medical questions (for simplified issue – guaranteed issue has no medical questions at all) and if they answer “no” to them, they can get coverage.
Guaranteed Issue Life Insurance
Next in the evolution of life insurance came guaranteed issue life insurance where consumers could get coverage without a medical exam, or having to answer a medical questionnaire. Consumers can get a policy from $5,000 to $25,000, up to the age of 75-years old.
Flexibility for Marijuana Smokers
The most recent change was how some life insurance companies view marijuana smokers. If they are occasional smokers, they can get non-smoking rates – as long as they aren’t smoking for medicinal purposes.
The times changing and the industry evolving to insure as many people as possible is great news for consumers; it’s much easier to get the financial protection they need.
At Shelter Bay Financial Corp., we are life insurance experts and can help you find the best policy for your needs. We offer our services online and by telephone so the entire process is quick and hassle free. You can even sign your application using our screen share technology!
We are dedicated to keeping pace with the rapidly changing industry to ensure you get the insurance protection you need at the best possible price.
To learn more, please call us toll free at 1.888.498.5288.
