Laura Boylan is the Head of Underwriting Solutions at Haven Life, a digital life insurance agency backed by MassMutual.
For decades, life insurance sales in the United States have been declining, with fewer Americans purchasing life insurance and others remaining underinsured. In late February of this year, however, the Covid-19 pandemic and the resulting financial instability that ensued reminded individuals of their own mortality and the need to protect their loved ones financially. As a result, there has been an uptick in consumer interest and purchase of life insurance products.
At the same time that demand for life insurance spiked, buyers were locked down at home and afraid to step out into the physical world, making face-to-face sales and in-person medical exams nearly impossible and requiring the industry to navigate new ways of doing business.
These seismic shifts have led many in the life insurance industry to question traditional