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Life Insurance Industry Trends 2021

The world has changed for us all this past year, in some very minute ways as well as some major life-altering ways. Many of us have felt our mortality more this year than ever before, and as a result, have reevaluated some life choices. One trend that emerged in the insurance world was a drastic increase in life insurance policies. In fact, 1 out of 4 people purchased a life insurance policy 2021 due to Covid-19. This has impacted the life insurance industry and created a few changes that we would be wise to pay attention to. The Nowell Agency has extensive experience in the insurance industry and we have built our stellar reputation on seeking the most affordable life insurance policies with the most coverage for our valued clients. We stay at the forefront of the insurance world by keeping a finger on the pulse of the most current trends and demands. Now, more than ever, that area of focus is life insurance 2021

Who Needs Life Insurance 2021?

With the pandemic looming over us all, a comprehensive 2021 life insurance plan is a good idea for people of all ages. Buying life insurance in 2021 provides an important extra layer of security for the financial future of your loved ones. 

Changes to Life Insurance 2021

The Nowell Agency shares some tips for life insurance 2021 that you should consider when purchasing a life insurance plan this year. life insurance market 2021

Online Life Insurance Plans

Due to Covid-19, the way you would typically find and buy a life insurance plan has changed. More life insurance companies are moving to hybrid life insurance purchases (online and with an agent). This means you can shop around for top life insurance companies online, request a quote, research policy coverage, and then work with a life insurance agent who will talk you through the ins and outs of the top 2021 life insurance plans and assist you in determining the best life insurance policy for you. This tends to make the process of buying life insurance faster. However, if you want a more traditional, in-person approach, you can still find life insurance companies nearby who can accommodate you. 

No-Exam Policies for Life Insurance
Covid-19 made in-person life insurance medical exams very difficult to conduct. Life insurance carriers adjusted, switching to a process called accelerated underwriting to predict a person’s life expectancy (and provide a life insurance quote)  through data modeling. This trend of accelerated underwriting will most likely continue this year and this means you may not have a physical exam, making the life insurance application process 2021 easier and quicker.

Life Insurance Rates 2021
At the beginning of the pandemic, life insurance rates saw major increases. While the demand remains high, the rates for life insurance 2021 have stabilized, so you will be able to get a good idea of the cost of life insurance 2021 and feel confident that those rates will maintain.

Lower Life Insurance Rates 2021
For those with a lower Covid-19 risk, many life insurance carriers reduced the life insurance rates. If you are categorized as an individual who has a reduced Covid-19 mortality risk, then your life insurance premium 2021 will likely remain lower. 

These are just a few of the changes to life insurance policies in 2021. For more information, to get a life insurance quote, or to speak with a top-rated life insurance agent, call the Nowell Agency today! 

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