6 ideas that are driving the evolution of life insurance, health and annuity plans: nationally and beyond

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Prices for coverage purchased using five-year or 10-year payment period options remain unchanged, but prices for younger consumers purchasing coverage with one-time payments or recurring premium payments have dropped to 15%, according to the company.

OneAmerica says it has cut prices partly because of rising interest rates and partly because customers are focused on saving.

“We’re excited to offer cost savings to our customers at a time when everyone could use a little financial help,” said Jeff Levin, vice president of Care Solutions product distribution, in a commentary. on premium reductions.

4. Combine two important and related types of coverage.

Many consumers who turn 65 need insurance that will cover the cost of funerals and other end-of-life expenses as well as health insurance.

They may purchase supplemental Medicare insurance through an agent and then forego final expense coverage because purchasing a life insurance policy designed to pay for end-of-life expenses is often more difficult and takes longer.

AmeriLife Group, a distributor, attempted to address this problem by working with an insurer, American Home Life Insurance Co., to develop a Patriot Series program that can provide Medicare supplemental insurance and end-expense coverage at the time.

An agent offering the program can sell a customer a supplemental Medicare policy and then use an electronic application system to capture the customer’s answers to life insurance underwriting questions.

American Home can then issue the customer final expense coverage at a discount of up to 20% off the usual premium, says AmeriLife.

5. Simply improve the sales process.

WrightLife Insurance Group is working with Afficiency, an insurtech company, and The Savings Bank Mutual Life Insurance Co of Massachusetts to create a website, GetMeCoveredNow.comwhich will sell term life insurance through a fast and fully digital underwriting process.

6. Catch the scammers.

Despite the new emphasis on quick and easy underwriting, life insurers still want to catch liars.

One of the risks that life insurers face is claimants with hidden “jumbo” coverage.

US life insurers generally limit the amount of automatic reinsurance available per person. Limits can range from $35 million to $65 million.

Some claimants attempt to circumvent jumbo policy limit constraints by requesting coverage from multiple insurers and hiding the amount of coverage they actually have.

MIB – a non-profit group that helps life insurers share anti-fraud data – and TAI, a Canadian company, have teamed up to solve the problem by creating the MIB Jumbo Service.

The service uses a TAI database which contains information on approximately 74% of US life insurance policies in force and a MIB database which contains information on most US life insurance applications to detect the risk of giant treaty violation.

The first giant risk search detected about 300 people who each had in-force and pending coverage with total death benefit levels of $50 million or more.

Pictured: Eric Henderson (Photo: Nationwide)

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