The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
El Dorado Hills, CA (PRWEB) March 25, 2014
Online life insurance agency, IntelliQuote, has identified an opportunity to cater to the needs of an emerging market segment as new research reveals an increased demand for simple, no-exam life insurance coverage.
According to recent research released by industry authority LIMRA, consumer expectations are evolving when it comes to buying life insurance. In the survey of insurance executives, LIMRA found that many consider the task of meeting changing consumer demand to be a 'key challenge.' As more and more consumers take a self-directed approach to researching and buying life insurance, LIMRA is predicting that demand for more simple life insurance products will continue to rise.
"Having been one of the first online life insurance agencies in the industry, delivering a straightforward and simple customer experience has been one of our core values for nearly two decades," said Gary Lardy, President and CEO of IntelliQuote. "As more and more people take to the web to research and buy life insurance, it is our goal to provide the information and products these savvy consumers are seeking."
In response to a recent rise in demand for simplified issue, no-exam life insurance, some of the industry's leading carriers are now offering these products. The IntelliQuote leadership team recognized an uptick in consumer interest and made a strategic decision to include simplified policies in their product offering. Known as rapid issue policies, this type of coverage can be issued in as little as 48 hours or less and are appealing to consumers for a number of reasons.
Those who find themselves in a bind and in need of coverage fast, often choose to apply for rapid issue coverage; as do young, healthy individuals who do not want to devote the time to complete the traditional underwriting process that normally includes an insurance medical exam. It is, however, important to note that these policies typically come at a higher price point. An example would be a 30-year-old male in good health; he would pay $30 a month for $250,000 in coverage for a rapid issue policy. Coverage would then be issued as early as the next day. If he chose to purchase a medically underwritten policy, with the same amount of coverage, he would submit to a medical exam and after completing the underwriting process, pay a monthly premium of $15.
"Some consumers are willing to pay a higher life insurance rate for the ease and convenience of these products. At IntelliQuote, it is our goal to meet the needs of every customer we serve and we, therefore, knew that it was imperative to include these policies to our portfolio," added Lardy.
Founded in 1997, IntelliQuote has since earned a reputation as a top rated online life insurance agency. Delivering unparalleled customer service and the most competitive life insurance product offering on the market, IntelliQuote is the agency of choice for consumers throughout the United States. Offering access to a library of resources, coupled with one-on-one customer support, IntelliQuote is committed to making the online buying process as simple and convenient as possible.
The move to offer a wider selection of no-medical exam coverage, as well as fully underwritten policies, it yet another example of IntelliQuote's commitment to meeting the needs of the modern consumer. The entire IntelliQuote team will continue to educate the public about their expanding no-medical exam options as long as there is demand. Watch for more announcements from IntelliQuote in the coming months as they continue to explore new ways to make life insurance protection readily available to all consumers.
Headquartered in El Dorado Hills, California, IntelliQuote is a highly respected innovator in the online life insurance industry. Offering instant online quotes, unrivaled customer service and access to the most competitive life insurance products on the market; IntelliQuote is the undisputed leader in the space. For more information about IntelliQuote visit http://www.intelliquote.com or call 1-800-963-6405.
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