Life insurance has been traditionally seen as a necessary evil; a costly, inflexible tool to protect against our worst fears. National polls and research exemplify this sentiment. According to recent LIMRA study (Life Insurance Market Research Association) findings:
- 83% of people felt they would consider life insurance more intently if it was easier to understand.
- 40% of respondents said they are confused when considering life insurance and do not know how much they need or what to buy.
- Consumer demand for life insurance is greater than actual ownership. One in four people know that they do not have enough life insurance.
- People wish their spouses or partners had more life insurance.
Providers and online aggregators trade on this confusion, compete solely on price, and offer limited differentiation-- primarily term insurance at the lowest premiums. Advice, the cornerstone to creating the right plan, is trumped by aggressive sales tactics designed to get you to commit before you share any goals, needs or concerns. A fixed set of products dictates your choices, not what you actually need.
At the heart of life insurance is life. Events in our lives shape who we are and how we live. Aggregators inherently can’t (nor care) to get to know you and your needs. Your choices are limited because what they care to know about you is limited. Without understanding these events, and the needs that develop as a result, life insurance is just a policy not a tool.
It’s not hard to see why people feel the way they do. Vest was created to change the way people view life insurance. We view life insurance as not just a way to protect your family if the unthinkable happens, but as an asset class to secure your future, build wealth, and improve your financial flexibility while you're still here. It’s not about death, it’s about living! Your life insurance has to be crafted using more than just age, tobacco use, and income. Vest consults with you, understanding your life events, goals, and concerns to create a plan best suited for living. By employing what we call a layering model Vest combines multiple products into a portfolio delivering better results and increased benefit/cash value at lower costs.
Perhaps most importantly, life changes. As such, your life insurance needs to change with it. A one-click policy can’t change when you do, nor can it unlock new features and opportunities that can shape your future. Vest’s policy monitoring service establishes constant oversight over your life events and your plan, ensuring you always maintain the maximum coverage and benefits at the lowest costs. The life insurance landscape can be overwhelming to navigate, but by working together Vest can help turn this overwhelming decision into an empowering one.