NU Online News Service, Sept. 24, 6:15 p.m. – U.S. life insurers may need to come up with quicker, simpler underwriting strategies to appeal to young life insurance buyers.
That’s the conclusion of a new report on underwriting from Conning Research & Consulting Inc., Hartford, which is now a unit of Swiss Reinsurance Company, Zurich.
Jack Gohsler, a senior vice president at Conning, and other analysts at Conning acknowledge in the report that the wealthiest prospects are still willing to spend time undergoing exams and waiting for life insurers to process the results.
But many baby boomers are looking mainly for retirement savings vehicles, and many younger prospects seem to feel they have no need for life insurance protection at all, the analysts observe.
The analysts cite figures from LIMRA International, Windsor, Conn., showing that the number of underwritten life insurance policies sold in the United States has fallen to about 10 million per year, down from 15 million per year in the mid-1980s.