{"id":4551,"date":"2020-03-24T11:23:42","date_gmt":"2020-03-24T11:23:42","guid":{"rendered":"https:\/\/clients.firstfinancialsecurity.com\/FFSBB\/?p=4551"},"modified":"2022-01-28T15:11:25","modified_gmt":"2022-01-28T15:11:25","slug":"industry-insights","status":"publish","type":"post","link":"https:\/\/clients.firstfinancialsecurity.com\/FFSBB\/2020\/03\/24\/industry-insights\/","title":{"rendered":"Industry Insights"},"content":{"rendered":"

With market volatility and growing concerns about the COVID-19 pandemic, people aren\u2019t just hoarding toilet paper and hand sanitizer, they are also buying life insurance in record numbers.<\/a><\/span> The need for life insurance has suddenly become clear to Americans and the insurance industry is here to help. Here are a few updates on the insurance industry during this economic climate.<\/p>\n

1. COVID-19 Stressing Insurance industry<\/strong><\/h5>\n

Market volatility combined with the prospect of rising death claims puts pressure<\/a><\/span> on insurance companies. While some are turning to new insurers that offer online-only applications, point and click solutions may not be the best solution for your family. Make sure that the company has a track record of stability and has been able to weather storms in the past.<\/p>\n

2. Trust is Crucial with Your Insurer and your Agent<\/strong><\/h5>\n

It\u2019s more important than ever to evaluate an insurance carrier and make sure they have a track record of paying their claims. Fitch<\/a> <\/span>is developing a rating system to assess the resilience of insurers to this pandemic. At FFS, we vet our insurance carriers not only for their service to our agents and timeliness in processing applications, but for their claims records and their Comdex<\/a> <\/span>ratings as well. Many of our insurers have been in business for over 100 years and they aren\u2019t going anywhere.<\/p>\n

3. Virtual Applications<\/strong><\/h5>\n

While new online-only insurance platforms have become increasingly popular, they aren\u2019t the only virtual option in the age of social distancing. While those solutions are simple, they offer limited options and can\u2019t guide you to the best products to secure your family, your wealth and your future goals. With shelter-in-place orders increasing around the US, insurers have put new guidelines in place to enable virtual applications, offering clients the possibility of securing a policy even as they shelter at home. Our agents can walk you through the process of getting the best policy for your situation at this time.<\/p>\n

The great thing is there hasn\u2019t been a price hike from the increased demand and getting life insurance is as easy<\/a> <\/span>as it\u2019s ever been. If you\u2019re an FFS agent and would like details about updated policies and services from your carriers in light of COVID-19, access our ABO article here<\/a><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"

With market volatility and growing concerns about the COVID-19 pandemic, people aren\u2019t just hoarding toilet paper and hand sanitizer, they […]<\/p>\n","protected":false},"author":1,"featured_media":6466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[152,373],"tags":[255,257,258,259,260],"class_list":["post-4551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-insurance-blog","tag-covid-19","tag-industry-insights","tag-insurance-industry","tag-insurance-industry-insights","tag-updates-on-the-insurance-industry"],"yoast_head":"\r\nIndustry Insights - First Financial Security<\/title>\r\n<meta name=\"description\" content=\"With market volatility and growing concerns about COVID-19, people aren\u2019t just hoarding toilet paper, they are also buying life insurance in record numbers.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/clients.firstfinancialsecurity.com\/FFSBB\/2020\/03\/24\/industry-insights\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Industry Insights - 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