Wednesday, May 12, 2021

Life Insurance Continues to Experience



Based in West Caldwell, New Jersey, John Urchak leads a State Farm Insurance team that provides client-focused services spanning property, life, and auto coverage. Focused on market developments, John Urchak maintains a close watch on trends in the insurance industry.

One major trend brought on by the pandemic is a strong increase in demand for life and disability offerings. While those in good health and of a relatively young age might be inclined to give such products a pass in normal years, a persistent life-threatening virus has brought home a realization of just how unpredictable life can be.

At the same time, competitive pressures have kept prices of many types of life insurance relatively low, which has made it an easier decision for many to opt in. Given the profound effect that the pandemic has had in opening people’s eyes to unexpected contingencies, industry watchers expect demand to remain strong.
According to Deloitte’s outlook for 2021, one trend will be a recovery and growth in premiums. Whether this will impact demand and cause a return to retention levels of years past is not yet clear, and will likely depend on perceived health risks in a post-pandemic landscape.

Life Insurance Continues to Experience

Based in West Caldwell, New Jersey, John Urchak leads a State Farm Insurance team that provides client-focused services spanning property, ...