Leslie Scism

speaker

504 appearances 9 recordings 1 series first heard Sep 2017 last heard May 2023

Leslie Scism’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · More Middle-Class Americans Are Signing Up for Life Insurance · 1 Jun 2021 podcast

During the pandemic, many people lost jobs or that their work hours were reduced.

So that benefit went away.

And that also helped boost sales of individual life insurance policies because people realize, geez, this insurance I get through my job isn't really always going to be there.

I'm going to lose it if I lose my job.

So companies that sell policies to individuals and gain some sales from people who became fearful they'd lose their job-related benefits, or they did in fact lose their job-related benefits.

Companies are still selling through life insurance agents.

Many financial advisors have insurance licenses and will sell policies.

There are independent agents out there.

Some companies have their own fleets of agents.

So those sales are continuing.

They became more difficult during the pandemic when people didn't want an agent coming into their house for fear of COVID-19 or there were stay-at-home directives that prevented the agents from perhaps visiting people.

The insurance industry typically also has required the collection of blood and urine samples

samples as part of what they call underwriting to gauge the health of the applicant.

That helps them determine what price to charge for a policy.

So the insurance industry had to do a lot of scrambling during the pandemic to figure out how are we going to make sales if the shutdown orders and stay-at-home directives and simply people's fears of dealing with outside parties.

So the industry did a lot of revamping of the way they sell.

Many more offered online opportunities.

And so people could simply go online, click some buttons.

The insurance industry generally is willing to sell online.

policies to younger people without these blood and urine samples because most younger people aren't where the illnesses are that would make you a more expensive risk to the insurance company.

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