The speed of the life insurance industry can be excruciatingly slow. But as new technology emerges, the more agile insurers will move to harness it in the hopes of enhancing existing product lines or constructing new ones altogether. So too is there a need to attract new markets and generations to buy in to life insurance – the baby boomer population is aging, and perhaps that pool of insurance clients has become a bit exhausted.
With the vast majority of the insured population being over the age of 451, the focus must eventually shift to a younger demographic. What are some of the ways that insurers are approaching this? What new products are being employed to appeal to older or substandard risk populations? In this blog I’ll explore what’s making waves in the sea of life insurance ahead.