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How Technology is Impacting the Life Insurance Field

Technology has swallowed all aspects of modern life. It is impossible to get away from. A time traveller from 50 years ago wouldn’t be able to navigate this new world where everything is so different. Someone from even ten years ago would run into difficulties. Life insurance has been impacted by these changing technologies.

Online

Emma Life Insurance is purchased online. From the start of researching the policy to taking out the policy, you never need to see someone face-to-face. Other online insurance providers may require you to complete the application in person.

Research

The time traveller from 50 years ago would have had to trust the insurance salesperson. Now you can research all the policies before taking one out. A salesperson may have tried to get you to take out a whole life insurance policy when a term life insurance policy is more appropriate. After you’ve researched the policies and what sort of coverage you require, artificial intelligence, or “bots” can sort through policies for you to find the most appropriate.

Term Life Insurance

Term life insurance is an insurance policy you take out for a specific amount of time. It pays out when you die. If you don’t die during the time you are insured, you must renew or take out a new policy. Premiums can go up if your health deteriorates.

With wearable devices, such as a smart watch, it is impossible to hide the state of your health from the insurance company. Doing so may invalidate the policy. The time traveller from 50 years ago may have trouble grasping this and worked out how to hide the state of their health during the physical exam that was so common all those years ago.

Term life insurance is more affordable than whole life insurance. It is also possible to cancel the policy, although this will leave you uninsured should the worst happen.

Whole Life Insurance

Whole life insurance covers you for your entire life, paying out once you pass away as long as you keep paying the premiums. It is more expensive than term life insurance policies. Most people will not require this level of coverage if they invest wisely while they are young.

Some term life insurance policies can be easily converted to whole life insurance towards the end of their term, if the insured did not invest wisely.

Participating life insurance and universal life insurance are both forms of whole life insurance. They act as low-level investments.

Insurance

Life insurance offers a peace of mind should the worst happen. Life Insurance Canada helps Canadians make sound investments for the future of their families. Life insurance pays out a lump sum upon your death. That hasn’t changed from the past. It can all be done online at a mouse click with easy to understand language. Something that is very different from before the Internet. You can even have different tabs open with different policies so you can switch between them.