Insurance review in Covid Times

COVID and Other Factors Influencing the Life Insurance Industry

How has COVID-19 affected the insurance industry in any way? It’s a common question that a lot of folks might ask. After all, the pandemic has turned the way we look at public health on its head.

Here are Frank’s thoughts on the issue:

Not as Great as You Would Expect

While COVID-19 has made some impacts on the life insurance industry, it’s not as great as you would might expect. The truth is, there are two other factors having much more impact on the insurance market right now. Those are continued low interest rates, and technology. COVID may be at the head of the list, but it’s not the biggest player in what’s going on right now.

Interest Rates

Twenty years of unexpectedly low interest rates have trashed the life insurance financial model. Nobody expected it, and few companies are dealing with it properly. If you’re guaranteeing 3%, and you’re making 1%, it’s putting financial stress on companies that didn’t exist twenty years ago. That’s why you should always get your policies reviewed. Life insurance policies aren’t written in stone, they’re written in paper. And you won’t be able to fix what’s going wrong unless you can identify those issues in the first place.

Evolving Technology

From telehealth to streamlined application processes, technology is rapidly changing the landscape of the life insurance industry. Never before has so much information been so available. Now, integral parts of the application process can be executed remotely. Even further, technology has enabled life insurance companies to build sophisticated algorithms and maintain extensive databases that provide further insight into each of their policyholders. In many cases, access to all of this information greatly expedites a company’s ability to issue a new policy.

COVID will hopefully be in the rearview mirror someday soon, but low interest rates and technology will continue to impact policies well into the future.


The insurance world can be difficult to navigate. Without a clear understanding of their current plan, it’s difficult to be certain that your clients have the right coverage. If you’d like to take a closer look, you’ve come to the right place. We can answer your life insurance questions and provide the clarity you need to sleep easy. To learn more about our services, visit our site or join our newsletter today. To contact us, click here.

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