By Michael Konialian
As financial advisors sort through the aftermath of the pandemic, they will find that life insurance has been completely transformed. At the beginning of 2020, distributing life insurance was an arduous task — requiring multiple, often in-person meetings, awkward conversations on gory details of medical history, followed by time-consuming medical exams and paper applications.
Opening just one new policy would take a few months or more. Today, advisors and their clients are positioned to benefit from the “new normal” of the life insurance industry: Kitchen table conversations have evolved into videoconferences.
What You Need to Know
- Before COVID-19 came along, a life insurance application could fill 50 or more pages of paper.
- The pandemic forced insurers to upgrade their tech.
- The author predicts that the changes will be last and be good for agents and advisors.