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
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
"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 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.
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