The Life Insurance Product of the Future

The life insurance industry is one of the oldest industries in America. However it’s success has led to one of it’s downfalls which is a slow evolution to change. Whole life is a product that has dominated for a majority of years but all of that is about to change. With a new era of one the go internet shoppers, customers will no longer have time to learn about cash value accumulation and the investment aspect of their policies. Today all clients want it “now” and life insurance will have to adapt.

Ability to Compare

Consumers are going to want to be able to compare life insurance quotes online with ease. They don’t want long forms and complicated terminology, they just want to be covered. These days everyone is comparing prices whether they are buying toothpaste or books, everyone is plugged in to compare prices and if they cant get it matched they will go elsewhere.

Applying Online

Some companies have already made a step forward with no exam life insurance but truth is its inefficient and still involves agents. The life insurance product of the future will have to have an easy integrated application that customers can do themselves on their devices and have help on standby if they have a question. The key will be to make life insurance simple for everyone to understand and acquire.

Instant Underwriting

For the most part companies have to be careful with who they insure to remain their strong financial standing, for which they go through a tedious risk aversion process. Usually involving background checks and medical exam. WIth recent uptick in no medical exam products the future looks bright but no exam coverage still has it’s limits. The future product will have be a no exam product that operates with no limits like a standard product. While they will still have to weigh risk it will have to be done instantly and advancements in healthcare technology will allow it, it will be up to the life insurance companies to direct their resources to accomplish this.

Pure Protection

All life insurance products will be pure protection. No investments, no cash value, just a given amount that will be paid out every month to get covered in case of death. Wether term life insurance or permanent coverage it will both work this way.

Most people don’t get life insurance because they are confused of it, and whenever we are confused or in decisive we are stopped in our track. Life insurance is a product that can impact lives and impact the world if used properly. We have to encourage people to get this product and the way to this is by making it easy to understand and easy to acquire. Life insurance simply must be a must in every household. So let’s attract consumers and make them understand why it really is for everyone.

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