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Lifestyle

Trends

Key Life Insurance

by Merilee Kern, MBA

New laws, emerging technology, fiscal uncertainty and changing marketplace perceptions are making big impacts on the life insurance industry, changing the landscape for employee benefit programmes and end consumers in many ways. This includes everything from how both group and singular policies are obtained and the way applications are filled out to how quickly group and individual coverage can be acquired to evolving rules surrounding drill down topics like marijuana procurement and use.

“G

iven the copious complexities, far too many businesses put off offering, and individuals from ultimately buying, life insurance or revising a current plan,” says field authority Brian Greenberg, founder and President of the innovation-driven TrueBlueLifeInsurance.com agency. “Frustrations include high premiums and a glut of red tape among the reasons many shy away from presenting, purchasing or modifying a policy. However, some key common barriers and challenges that once blocked shoppers from securing great employee group or individual coverage benefits with ease—and at affordable prices—are a thing of the past. Other changes impact one’s ability to garner coverage at all.” Specifically on both fronts, here are Greenberg’s top five trends affecting life insurance consumers internationally—be they business owners, employee benefit managers or endusers, as well as life insurance agents, themselves:

No Medical Exam Policies Gain Ground Amid Enhanced Access and Affordability No medical exam policies have always been popular, but consumers traditionally paid from 20 to 50% more than they would for policies requiring a medical exam. But no more, as equitably priced options are entering the market. As just one example, Savings Bank Life Insurance Company (SBLI), one of the most competitively priced term life insurance carriers, recently came out with a no medical exam option at the same exact price as their fully underwritten policies in the USD500

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