Life Insurers: COVID-19 Changing How Consumers Apply

Consumers are turning to online life insurance applications as a result of the ongoing COVID-19 pandemic, a new LIMRA survey found.

A third of companies reported a decline in face-to-face applications while a quarter reported an increase in online applications in March.

LIMRA surveyed 47 U.S. life insurers and 12 Canadian life insurers to learn what, if any, changes they were making due to the COVID-19 pandemic and the federal and state social distancing guidelines.

Based on the survey results, the most common response was that there was no significant change in overall applications in March. That said, there was a shift in how consumers applied for life insurance.

Twenty-four percent of U.S. companies that accept online/mobile applications experienced an increase, while half saw no change. The majority of companies saw no change in call center/mail applications during the month of March…Read more>>