ALKEME Insight

Life Insurance Trends for 2023

Published On: January 17, 2023

If securing life insurance is on your to-do list for 2023, you might be interested to know where the market is trending as the new year gets underway.

With that in mind, take a look at these five trends likely to impact the industry during the year ahead.

  1. In 2023, buyers will be able to purchase comprehensive life insurance exam-free at better rates than previously available. While an exam-free life insurance policy is not ideal for everyone, it can be a quick and easy way to avoid a medical exam, which often bogs down the application process at the very least and prevents coverage at the worst. On that note, I want to highlight something that may be helpful to veterans in your network: As of January 2023, the Department of Veterans Affairs will be offering exam-free whole life insurance of up to $40,000 to all veterans, age 80 or under, with service-connected disabilities rated from 0 – 100 percent.
  2. Buyers in 2023 may encounter life insurance rates that fluctuate based on their health and lifestyle. For example, the insurer might use data from wearables like an Apple Watch or FitBit to offer you lower premiums or other rewards such as discounts.
  3. Opportunities to purchase life insurance will pop up in unexpected places. If you buy a baby stroller or register for wedding gifts, you may notice the chance to add a life insurance policy. While it may be convenient, it’s always best to work with an agent for something as serious and important as life insurance. Otherwise, you may be surprised – and disappointed – to learn details about the $300,000 policy you added to cart along with a new crib!
  4. Almost everything in society today moves lightning fast — including how long it takes to purchase life insurance. What typically took three to six weeks just a few years ago now takes only a few business days. If you’re shopping for insurance this year, be ready for the process to move quickly — a process commonly called “simplified underwriting.”
  5. According to the 2022 Pandemics and Predictions Briefing from LIMRA, indexed universal and term life insurance will remain popular moving into 2023. If you are still deciding which product is right for you, don’t worry. I can help.

One more thing to note: 40% of people with life insurance wish they had purchased their policies sooner. That said, if you don’t yet have a policy in place, please don’t put it off any longer. I’m confident we can find a policy that fits your family, needs, and budget.

Still have questions? Feel free to reach out to ALKEME to help with your life insurance needs.

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