What is Insurtech Life Insurance? Pros & Cons – Frequently Asked Questions



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My name is Christopher Lalor.  

As an independent insurance agent with millions of dollars in life insurance policies sold...

I must admit, I am not a huge fan of Insurtech life insurance.

There is a number or reasons why but basically, they only offer Term life insurance, it is difficult to compare their prices, and they only approve the most healthy people.

Insurtech companies review, insurtech connect

Without options and the ability to compare policies, I feel like I can find my clients much better options than Insurtech.

This Insurtech Life Insurance Review article will explain in detail the pros and cons of Insurtech and why you may want to look elsewhere. 

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***Insurtech companies only offer a price from one life insurance company.   Get prices from all the top life insurance companies side by side on this website.***

WHAT IS INSURTECH CONNECT?

Insurtech Companies use technology to create better pricing, savings, and efficiency in the insurance market.

How has Insurtech companies changed the life insurance market?

Consumers can now…

  • review life insurance quotes
  • apply for life insurance without medical exam
  • get an approval in a few short minutes
  • buy for less money
  • manage your policy through a website or an app on a mobile device.

Artificial intelligence handles the entire sales and underwriting process as well as servicing for existing policies.  There is no insurance salesman,  underwriter, or home office employee.

LIFE INSURANCE MADE EASY

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  These are excellent examples of Insurtech start-up companies.

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IS INSURTECH CONNECT HERE TO STAY?

Insurance is a very regulated industry.  Because of this, many insurance companies have had hesitations working with startups and embracing new technological change.  Yet the Insurtech startups need the help of insurance companies to underwrite and manage risk.  As Insurtech life insurance gain more consumer interest, insurance companies will be forced to embrace the technology or go by the wayside.

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Insurtech Life Insurance Pros

  • Easy, fast, & efficient application process.
  • Quick instant approvals
  • Cheaper cost
  • Manage your policy on the website portal

Cons Of Insurtech Connect

  • Currently, no way to compare multiple company prices at one time on website portal.  With Ladder, for example, you can only buy life insurance from one company that is rated  A-  by A.M. Best for financial strength.
  • Insurtech startups only sell term life insurance.  This means your policy will expire at age 80 or before.  What happens if you are still alive and need life insurance?
  • Not eligible to buy life insurance if you are older than age 60 with current Insurtech connect.
  • Insurtech companies use algorithms to underwrite which tend to reject people who are not in good \ excellent health.  Companies make the most money when you are healthy and outlive your policy.  You paid premiums for all those years and in the end, the life insurance company did not have to pay a claim.
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Save Up to 55% on Term Life Insurance

  • Helps your family take care of funeral costs, debts, rent or mortgage, and more
  • Affordable coverage - Get $250,000 of coverage for as little as $14 per month
  • Easy online application that takes just minutes

Quotes are quick, easy, and free! 

Insurtech Frequently Asked Questions

  1. What’s the purpose of Insurtech?  The purpose of Insurtech is to allow the consumer to quickly and conveniently purchase insurance through the use of technology.
  2. Does Insurtech make the price of insurance less expensive?  Yes.  Savings created because of Insurtech makes the cost of insurance less expensive for the consumer.
  3. Are Insurtech companies safe and reliable?  Yes.  Haven Life is a subsidiary of MassMutual,  one of the highest-rated carriers in the market.  Eventually, more and more top carriers will embrace Insurtech as consumer interest and demand increases.
  4. What is the effect of Insurtech on customer service?  Yes & No. You can buy and manage your policy thru and website or an app very easily BUT there is no one to call if you need help or assistance.

In summary, Insurtech is here to stay.  More and more insurance companies will embrace it because consumers want and demand a quick,  easy, simple, cheaper way to buy life insurance.  Insurtech will also allow companies to streamline the sales and administrative process, which in turn, will add to the profit to the company’s bottom line.

For more information click on Agency Reviews.



Skip the Needles!

Want to take the "pain" out of life insurance?  We don't blame you!  Ladder Life Insurance is our #1 recommended no-exam company offering 10, 20, and 30 year plans up to age 60.  See if you qualify for "no exam" today.

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Written by:  Chris Lalor

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