Innovation in online Arizona term life insurance sales is driven by data. Artificial Intelligence (AI) underwriting algorithms assess, price, and deliver life insurance policies with face amounts up to $1.5 million dollars in five minutes! After answering several behavior-based questions, the online applicant can now be insured in minutes instead of waiting days or weeks for the insurance company to process the application and come to a decision. 5 Minute Life Insurance
Life insurance ownership has dropped in the last decade from 63% to 52%, yet it is an essential tool in household financial stability. So why the drop? The main reasons have been due to lack of product innovation, the application process has been too complicated, and obtaining coverage took too long. Thanks to AI technology those days are behind us.
As mentioned in a previous post, the average person believes that life insurance is considerably more expensive than it actually is. In fact, when asked to guess how much life insurance would cost for themselves, the average response was 82% higher than the actual premium.
Term life insurance is inexpensive, and thanks to AI technology may now be obtained at the speed of light.