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With news that the U.S. economy contracted in the fourth quarter, a surprising trend has been reported in the life insurance industry. TermLife-Insurance.com, a Web site providing quotes to life insurance shoppers, said it has seen an increase in the number of life insurance quotes requested in the new year.
The Web site reports an increase in the number of people requesting quotes for life insurance as well as applying for life insurance policies.
Steve Schillereff , call center manager of TermLife-Insurance.com, said in a release that, “despite the weakened economy, the first month of 2013 has shown a promising upswing in the life insurance industry.”
“In the month of January, our website saw five times the number of people who ran life insurance quotes and three times the number of people who requested applications for policies,” compared with December, Schillereff explained. "We're interested to see what February will bring in terms of traffic from life insurance shoppers. So far we are seeing the same trend going into the first week in February."
What's surprising about the sudden rise in life insurance interest is that people typically cut back on spending during tough economic times. It is also surprising that a good portion of the quotes were 30-year term life insurance quotes, which will help lock in rates for a long period of time. Schillereff stated, "The only explanation we have is, with the uncertain economy, people are looking to lock in rates while they can, considering life insurance costs are at all-time lows. It's a smart move to lock in now."
With term life insurance rates at all-time lows, this could be a good time for informed buyers to lock in lower rates, the company said. “People are sometimes surprised at how cheap it is,” Schillereff said.
Schillereff brings 18 years of industry experience to TermLife-Insurance.com. The company uses all licensed agents, he said.
The business satisfies the needs of consumers who are not interested in the traditional insurance sales model, where an agent “sits at the kitchen table and conducts an interview,” Schillereff said. The Web site enables TermLife-Insurance.com’s agents “to get in touch with a lot of people,” one of the primary challenges for the traditional retail insurance agent, he said.
Term-Life Isurance.com started last year, and is affiliated with Innovation Insurance Partners. Through the brokerage, the company has access to some 75 insurance carriers, and can meet specialized needs. It can offer quotes from multiple carriers that do not require medical exams, for example, according to Schillereff. The Web site’s agents also “have the ability to write all types” of insurance, including disability and long-term care.
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