Green Life Insurance! New Ways of “Going Green” with your Life Insurance Policy

Life Insurance companies take thousands and thousands of applications on paper every day. Most life insurance agents print and use more than twenty applications per month and each application averages over 15 pages. Not to mention brochures, quotes, sales leads, and policy illustrations. Do not forget that you as the client will also be receiving a policy when you sign up for life insurance that averages 56 pages. Some Whole Life policies contain as many 200 pages in cash value illustrations. In short, Life Insurance companies are certainly not the worst industry with printed paper but they aren’t going to be receiving any awards on Earth Day this year either!

Good New!

New application processes have recently been released in order to encourage change in the life insurance industry. Companies such as Quick Life have created agent support systems that allow a Life Insurance Agent to not only collect a Life Insurance Application from their client over the internet but they don’t even require any signatures. These new “web apps” allow for data to transfer to the insurance company much faster, clearer and at less cost. Wait! Did I just say clearer? Yes I did. Did you know that most life insurance companies still receive 75% of their applications by fax? It’s fair enough to say that this trillion dollar industry needs a major overhaul. These types of processes are determined to affect the insurance company’s bottom line, and when they save money, you save money. In fact life insurance prices have dropped considerably over the last eight years, so if you haven’t compared your ten year old term policy lately, maybe you should.

Policy holders also have an option that is becoming more popular as it is offered, the “Paperless Policy”. Jackson National life is one company who has expressed an interest in offering their clients an option to access their policy online via private and secure web page. Each policy receives his/her own web address and security access information.

We see that the current methods of collecting life insurance applications and paper packed policies is coming to an end. Quite frankly, we are glad. As an agency Finish Line Insurance Services has already begun utilizing these new “web apps” and is happy to offer you the option of a “soft policy” from your insurance carrier. At the end of the day having systems like these in place help save you, us, and your insurance carrier a good deal of money. If we can all save money and help the planet stay green, we encourage it.

Thanks for reading.