How Technology is Changing Life Insurance
September is Life Insurance Awareness month, and although one might think that life insurance is something to consider as you grow older, according to LIMRA’s Insurance Barometer Study, 77% of Millennials say owning life insurance is a good thing.
One thing Millennials feel quite comfortable with is technology, and it’s becoming more and more a part of our daily experience. There is an increase in use of wearable activity trackers and other technology that stores fitness and lifestyle data by Americans.
There are even apps linked to your phone which can track the number of steps that you take every day. These figures assist the life insurance industry to make more accurate predictions, and they are rewarding folks in return for the data.
The findings of LIMRA’s study show that 51% of Millennials are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company. The study also shows that it is not just millennials, but that 30% of people overall would use an activity tracker and then share those results with a life insurance company in return for financial rewards for healthy behaviors.
Using wearable tech or apps to track your activity and sharing that biometric data to build a relationship with your insurance company is a great idea, especially if your insurer rewards you for doing so.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC