Despite High Expectations, Direct-to-Consumer Life Insurance Market Struggles
In a market that held much promise, the direct-to-consumer (DTC) life insurance sector is facing significant challenges. John Hancock has decided to team up on the launch of a new Indexed Universal Life Insurance solution, attempting to tap into the elusive yet profitable segment of life insurance. This has heightened the discourse around the benefits and various facets of life insurance.
Benefits of Life Insurance
Life insurance is often misunderstood as merely a death benefit. However, its implications span across various aspects of life such as securing one’s business, planning for retirement, and even in managing life changes like marriage and divorce.
Business and Career Insurance
According to lifetimeinsurance.org, “Business/Career Insurance ensures that your business remains stable even when unforeseen circumstances hit.” This form of insurance helps business owners plan for continuity when they are no longer able to lead their ventures.
Retirement Insurance
Retirement Insurance serves as a financial cushion for the golden years. It provides an income stream when you retire, alleviating concerns about funding day-to-day life in the absence of a regular paycheck. The security it offers can be a substantial factor in planning a stress-free retirement.
Marriage and Divorce Insurance
Life insurance policies can also be tailored for major life events like marriage and divorce. Marriage/Divorce Insurance can ensure financial stability during these transitions, which often come with their own sets of financial challenges.
Hexure, another key player, is expanding its quoting capabilities in an attempt to make these versatile forms of life insurance more accessible. The move comes amid rising consumer interest and demand for more comprehensive solutions.
Steven Johnson, an insurance analyst, explained, “Consumers are increasingly aware of how life insurance can offer benefits that go beyond just a safety net. They’re looking for solutions that integrate with their broader financial and life plans.”