Smokers and nonsmokers alike saw minor increases in life insurance prices from February to March. The biggest increase in average monthly premiums, of 3.26%, was seen by 25-year-old smokers buying $250,000 in coverage, and only amounts to $1.08 more a month. Most other demographics saw price increases that were less than 1%.
The minor pricing changes shouldn’t have much impact on consumers’ wallets, especially as insurers continue to compete for business. Although people buying life insurance in March may be paying a few cents more on average, most insurers are implementing pricing changes to win business rather than repel it.
Publication Date: 3 Mar 2022
Publication Site: Policygenius
Older U.S. consumers were out shopping for life insurance policies in February.
Application activity for shoppers ages 71 and older was 4.2% higher last month than in February 2021, as the overall level of individual application activity dropped 3.8%, according to MIB.
MIB is a Braintree, Massachusetts-based group that helps life insurers share some of the information used in life insurance underwriting. It uses its own application-checking volume data to provide an early look at life insurance shopping activity.
MIB figures reflect the performance of part of the retirement planning market as well as of the protection life insurance market, because many of the applicants expect to use their policies to provide cash in retirement, or to support long-term care plans.
Author(s): Allison Bell
Publication Date: 10 Mar 2022
Publication Site: Think Advisor
Western & Southern Financial Group announced Jan. 12 it has acquired Fabric Technologies and its subsidiary, Fabric Insurance Agency LLC, which provide a digital life insurance platform and mobile app that the companies say is “serving over 60,000 families and has placed billions of dollars in life insurance coverage.”
Terms of the deal were not disclosed. In a statement, W&S said it and Fabric “share a vision of offering the mass market easy-to-use digital solutions to purchase insurance and other financial services.”
Through its secure digital platform and mobile app, Fabric offers affordable term life insurance, a free last will and testament, tools to organize family finances, and—in partnership with other providers—additional solutions such as college savings plans. The life insurance application takes about 10 minutes to complete, with immediate approval for qualified applicants through Fabric’s digital underwriting process.
Accidental death policies and term life insurance policies are issued by Vantis Life Insurance Company, Windsor Conn. (all states except N.Y.). Fabric Insurance Agency LLC is an insurance agency licensed to sell life and accident insurance products.
Publication Date: 12 Jan 2022
Publication Site: Insurance Forums