Life Insurance: Changing up the Traditional Recipe


Life Insurance: Changing up the Traditional Recipe

This is such a magical time of year – so many fond, heartwarming memories, both old and new traditions year after year, from one generation to the next. It’s fair to say, regardless of your beliefs, many holiday traditions are centered around two things:

  • Loving others
  • Expressing that love through giving

 

My favorite holiday tradition involves a full blown baking marathon weekend, where we prepare 30 different types of cookies and treats, then make gift trays for family, friends, coworkers and neighbors. Having carried on this tradition for more than 20 years – from my mother and my mother’s mother – it’s been an amazing gift to see the joy it brings to others, especially when watching our children give trays to our neighbors.

 

Old Meets New

You may think traditions are hard to maintain in today’s fast-paced, commercialized society. I would challenge that thinking because many “old” traditions are easily upgraded – my family’s included! I have a pantry full of modern baking gadgets, a wealth of recipes/tips from the Internet and an abundance of stores where I can easily buy ingredients. All of these advancements provide the opportunity to do more, do it better and do it all in less time. The tradition remains, but the convenience is greatly improved.

 

The same applies to how our industry is evolving. Life insurance has been a “traditional” product in the eyes of most consumers, but we’re working to change up the recipe. Just like your holiday traditions, life insurance is based on:

  • Loving others
  • Expressing that love through giving

 

Complicated Meets Streamlined

Let’s start by changing the perception that all meaningful gifts are tangible, and that life insurance is “old fashion and complicated.” Over the last year, we’ve seen carriers progressively adopt automated underwriting enhancements to do just that.

 

Today, seven of our carriers offer streamlined underwriting programs, with face amounts from $50,000 up to $1 million, for ages 18-60. Qualifications vary from carrier to carrier, of course, but the majority of these programs target preferred/healthy clients. In an effort to improve the process of obtaining life insurance, carriers are utilizing conveniences like e-applications, streamlined underwriting and e-delivery.

 

We’re changing the recipe for traditionally underwritten coverage, too. We’ve seen carriers reduce age/amount requirements, many eliminating resting EKGs, physician’s exams and inspection reports – all of which are highly invasive for clients. As medical advancements extend our life expectancy, carriers are adjusting their expected mortality, as we’ve witnessed with specific impairments like hepatitis C, prostate cancer and even HIV.

 

Tradition Meets Improvement

These are the very beginnings of the changes we need to reach new markets, find new customers and start an improvement of traditions within our industry. The Ash Brokerage family will always honor of the tradition of helping you make the right choices for your clients – we’re also striving to improve that tradition and make it easier to give the gift of love.

 

About the Author

Jennifer Glessner knows every opportunity she’s entrusted with is truly a gift, whether it’s the advisor’s first or 100th policy. With 20 years of life insurance experience, she grew up in the business and has a vital understanding of where we were, where we are and where we are going as an industry. Her diverse background includes underwriting, sales, operation and leadership, and she’s also an Associate of the Life Management Institute and an Associate of the Academy of Life Underwriting.