Commentary: The Case For Transparency In Life Insurance
July 24, 2018 by Darwin Bayston
The life insurance industry has made notable efforts in recent years to increase transparency in the way its products are created, priced and sold to consumers. This is important for the health of the industry, as a LIMRA/Life Happens study last year found that 67 percent of consumers are interested in more transparent life insurance buying options.
But what about when that same consumer has raised their children, retired on a modest fixed income and is now at a point in their life journey when they no longer need or can afford the premiums on the policy they were sold? Don’t we owe them the same commitment to transparency in their senior years that we owed them when they were a younger prospective customer targeted for a product sale?
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