Buying Life Insurance with a "Selfie" and Other News about Insurance and Annuities
New technology will allow you to apply for life insurance with a “selfie.” In other news, inflation-protected annuities are becoming more appealing as the economy grows.
Applying for life insurance can be a lengthy process, often requiring medical exams. However, new technology is exploring the use of facial analytics programs that gather pertinent information from a selfie the applicant uploads online to the insurance company. Currently being tested by several unnamed companies, the technology would allow consumers faster access to policies without having to have a physical examination.
As the economy continues to strengthen and recover, inflation continues to rise. For investors nearing retirement, the risks of inflation and the effects on purchasing power come into play. “Inflation-protected annuities are designed to help mitigate both inflation and longevity risks to a retiree’s income”, however, these annuities come at a premium. Investors need to “consider how much they’re willing to pay for the security of guaranteed retirement income.”