Term Life Insurance is a crucial component of financial planning, providing valuable protection for your loved ones in times of need. Dive into the fundamentals of Term Life Insurance and gain insights from Nathan Furniss, Managing Partner of On Point Financial Service, who has a wealth of knowledge and experience in the life insurance field. <\/p>\n\n\n\n
Nathan\u2019s journey into financial services began nearly two decades ago . Graduating from the University of Akron as a tennis student athlete in April 2000, Nathan started his career almost 6 months later selling life insurance and fixed annuities. Throughout his career he\u2019s had the privilege of helping countless individuals and families navigate the complex world of financial planning, with a particular emphasis on life insurance. <\/p>\n\n\n\n
Whether you’re a newcomer looking to understand the basics or a seasoned policyholder seeking to fine-tune your coverage, Nathan is here to answer your questions and provide valuable advice.<\/p>\n\n\n
\u201cTerm life insurance is a type of life insurance policy that provides coverage for a specific period or “term.” Unlike permanent life insurance policies, such as whole life or universal life insurance, which provide coverage for the insured’s entire lifetime, term life insurance is designed to provide protection for a limited time frame. If the insured person dies during the term of the policy, the death benefit is paid out to the beneficiaries tax-free.\u201d <\/p>\n\n\n
\u201cNot everyone can qualify for Life Insurance. Depending on the amount of the insurance the applicant chooses will determine the underwriting process. Life insurance should be a must for certain individuals or situations. Some examples for who should consider getting life insurance are:\u201d <\/p>\n\n\n\n
\u201cThere are several factors in calculating the premium in a life insurance policy<\/a>. Age, gender, health, amount, type of insurance and mode of payment.\u201d <\/p>\n\n\n \u201cInitially, some insurance companies raised premiums for new policies, especially for older individuals or those with underlying health conditions that made them more susceptible to COVID-19. This was because the insurance industry faced increased mortality risks due to the pandemic.\u201d <\/p>\n\n\n\n \u201cThe pandemic accelerated the trend toward digital and contactless processes in the insurance industry. Many insurers shifted to online applications, medical exams via telemedicine, and electronic document signing to minimize in-person interactions.\u201d <\/p>\n\n\n \u201cThe biggest changes have been more in the underwriting process and not so much the policy design.\u201d <\/p>\n\n\n \u201cLife insurance ownership is basically at an all time low. <\/strong>The number of families reporting any life insurance coverage peaked at 85.4% in 1971. 1-In 2023\u202fOverall, 52% of American adults report owning life insurance, and 41% of adults \u2014 both insured and uninsured \u2014 say they don\u2019t have sufficient life insurance coverage. A record breaking 39% of consumers plan on buying a life insurance policy by 2024, according to LIMRA. 2-Also we see insurers will invest in digital platforms, mobile apps, and online services to enhance customer experiences, streamline underwriting processes, and improve overall efficiency.\u201d<\/p>\n\n\n\n In conclusion, Term Life Insurance is significant in securing the financial future of individuals and families. We’ve learned about the fundamental principles of Term Life Insurance, its role in providing essential protection, and the various considerations one should keep in mind when choosing a policy. Find one of your nearest Acceptance Insurance <\/strong>locations<\/a> for your free term life insurance quote today. Check out On Point Financial at their official website<\/a>. Or check them out on social media on LinkedIn<\/a>, Facebook<\/a>, and Twitter<\/a>. <\/p>\n\n\n\n Disclaimer<\/strong><\/p>\n\n\n\n Material in these articles is for general information or entertainment purposes only. Acceptance Insurance does not endorse and is not affiliated with any of the companies or apps listed in this article. Acceptance Insurance is not responsible or liable for the availability of links to websites or resources, or for any content, advertising, products, services, or other materials on or available through these websites or resources. Any references to third party rates or products are subject to change without notice. Trademarks are property of their respective owners. This article represents the views and opinions of Nathan Furniss. The views and opinions expressed are his own and do not represent those of Acceptance Insurance, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual. This content has been made available for informational purposes only. Acceptance does not own and is not an affiliate of On Point Financial Service or any preferred community partners. Acceptance specifically disclaims any responsibility for, or warranty or guarantee of, any products and\/or services offered by any community partners. Price may vary based on how you buy. Information and coverage descriptions are general in nature. Actual coverage depends on the policy. Policies are underwritten by third-party insurers that are not affiliated with Acceptance and are solely responsible for claims. Supplementary coverage options or products may be added to an insurance policy for an additional cost where applicable. See your agent for more information. Product and features are subject to underwriting criteria. CA License #0K20173. <\/p>\n\n\n\n 1-The American Counsel of Life Insurers<\/em> <\/p>\n\n\n\n 2-Data from LIMRA and life Happens<\/em>\u202f<\/p>\n","protected":false},"excerpt":{"rendered":" Term Life Insurance is a crucial component of financial planning, providing valuable protection for your loved ones in times of need. Dive into the fundamentals of Term Life Insurance and gain insights from Nathan Furniss, Managing Partner of On Point Financial Service, who has a wealth of knowledge and experience in the life insurance field. Nathan\u2019s […]<\/p>\n","protected":false},"author":9,"featured_media":64,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[23],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/267"}],"collection":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=267"}],"version-history":[{"count":4,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/267\/revisions"}],"predecessor-version":[{"id":671,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/267\/revisions\/671"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/media\/64"}],"wp:attachment":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How did the COVID-19 pandemic affect life insurance coverage and premiums, and what long-term changes in the industry can be expected as a result of this impact?\u00a0<\/h3>\n\n\n
How has life insurance evolved and adapted to the changing landscape in 2023, addressing emerging trends and technologies to better serve policyholders?<\/h3>\n\n\n
What emerging trends and developments do you foresee shaping the life insurance industry over the next five years? <\/h3>\n\n\n