Family togetherness has remained a constant focus for the past year; whether that togetherness has been mandated or by choice, staying close to home and keeping our families safe has become our number one priority since the beginning of the pandemic. Life insurance has always been a necessity to families, but since the onset of COVD-19 the interest in life insurance has gradually grown. Many changes have occurred in the industry linked directly to the pandemic, and many of these changes notable. Big picture question, how will these changes affect your family and life insurance for you?
One important change to note, is less in-person exams and visits. Many life insurance agencies have been interested in changing the process of life insurance for a long time, but the pandemic made those steps completely impractical and for many families, impossible. Now, life insurance can be purchased without the hassle of the home visit. The overall purchasing age since COVID-19 has dropped from 44 to 40 and more families are purchasing based on moderate purchase prices and the ability to enroll without an exam. (If you do have health problems, or are older - you may still be required to get a medical exam.)
Another important change in the life insurance industry is the quicker turn-around times. According to the LIMRA/Life Happens 2020 Insurance Barometer Study, 50% of consumers say they are more likely to buy life insurance through automated or simplified underwriting than through the more time-consuming traditional underwriting. As millennials get older and become more of a targeted consumer, companies are finding the need to automate and/or update the process. These newer and younger generations are less interested in calling in and talking on a phone and more interested in working through the process by themselves, online. These accelerated or automated processes have taken off since the pandemic and account for almost half of new business.
If you are new to buying life insurance, finding the right life insurance agent is key! At The Health Insurance Guy, we take our time finding the best policy and plan for you. We will help you navigate the process and will do our best to the make it quick and pain-free. Check out our top five pointers below for a first time Life Insurance Policy purchase.
- Decide how long you will need coverage
- Decide how much life insurance you will need
- Think through other objectives
- Name a beneficiary
- Talk to a trusted agent - we are here for you when you need us!