What To Expect From Term Life Insurance In 2021

With so many changes happening with life insurance what can you expect to see from term life insurance quotes in 2021? Here’s what you need to know.

First, you’ll see more companies come out with online applications. Before COVID-19 there were only a handful of companies that offer ended an online application process. Now, the majority of companies have some online application process. This has become essential for insurance companies.

Next, you’ll see higher coverage amounts for nonface-to-face applications. Most companies will allow you to apply for coverage up to $300,000 coverage with nonface to face applications. With companies like Manulife now having up to $1,000,000 of coverage on their nonface-to-face applications you’ll see more companies follow suit, as it gives Manu a large advantage.

Rates also will stay flat if not come down. Insurance companies are still in business to insure new clients. Increasing rates would make it harder for companies to earn business with all the new changes, so you can expect rates to stay the same if not come down in 2021.

Power shifts. It’s not enough to say the big companies will remain at the top. Simply put, not all online processes are created equal. Some companies’ online processes are very complicated and extremely difficult to use. The ease-of-use will play into which companies have the most success in 2021. Advisors will likely gravitate to the companies that are easy to use, and not the ones that offer more complications. This will play out over 2021.

As a whole, this is great news for anyone looking to purchase term life insurance in 2021. However, it is always worthwhile to find a proper advisor who can help you navigate the new 2021 landscape.