How Has Life Insurance Changed in Recent Years?
February 17, 2021
FEBRUARY 22, 2021: If you or a loved one hold a life insurance policy currently or are thinking about getting one, you might be wondering about the current landscape of the industry and what trends may be on the rise. A perennially important and popular insurance type, life insurance, has nevertheless undergone several significant changes in recent years that could make a difference in your approach to finding a policy.
Term Life Insurance Has Become More Popular
One interesting and somewhat unexpected trend from the past few years is that overall, fewer Americans have been investing in life insurance policies, although there are of course differing trends depending on demographics and other more fine-grained perspectives. For instance, there may be more interest in purchasing life insurance after the age of 50, even though younger people may benefit more from having life insurance. Additionally, the type of insurance seems to make a difference – for instance, term life policies have become more popular among younger demographics.
Fraud Protection
Several New Protections Have Been Put in Place Against Insurance Fraud
Possibly due to fraud attempts in the past, the life insurance industry has become increasingly vigilant in recent years about putting protections in place against insurance fraud. These protections may vary depending on the state, but in general they have had the effect of reducing the possibility of fraud, keeping the insurance system secure and keeping premiums at a manageable cost for most clients
Data Analytics
Data Analytics Has Become Increasingly Important in Setting Prices, Determining Risk and More
The use of data to analyze risk factors, examine client demographics, set prices and more has taken off across all industries in recent years, so it may come as no surprise that the life insurance industry has turned to a greater use of data analytics as well. Data today is a primary factor in helping insurance companies set prices according to individual clients’ situations, determine appropriate price points and more.
Like other insurance industries, the life insurance business has undergone some significant shifts in recent years. From instituting fraud protections to employing data analytics, the industry continues to implement new protections for clients. If you own a life insurance policy or are interested in getting one, can be sure that your information is safe and secure.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.