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Life insurance is not as popular as it used to be, despite the fact that many people think it is important. More than 80% of consumers agree in a recent survey that people need life insurance, but only 62% say they have it. In fact, only 44% of American households owned individual life insurance in 2010 — a 50-year low — compared to 72% of Americans who had life insurance in 1960.
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A New York and Hartford, Connecticut startup hopes to change the tide with a new service that rewards policyholders for making good decisions. Named Sproutt Insurance, this is the initiative of the insurance company of Akitbo CEO Yoav Shaham, who almost two years ago planned to combine the details and knowledge of health care.
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Sproutt officially announced today that it has $12 million in Series A funding, provided by State of Mind Ventures, Moneta Capital, and Guardian Life. Shaham said it will fund research and product development and further increase the company's workforce.
"For years life insurance companies have tried to penalize bad lifestyle choices like smoking when setting premiums. As cliché as it sounds, until now the industry has almost never tried to reward people because of health; being active, eating and sleeping well, or a balanced life," he said.
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To this end, Sproutt asks new customers to fill out a 15-minute questionnaire about themselves and their daily habits, the answers to which indicate that the signs of lifestyle is used to determine the most appropriate policies. This index is designed to take into account many factors, but is built on five main pillars of health: movement and physical activity, sleep, emotional health, nutrition, and balance (for example, in work and life).
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Shaham calls it GAIA, or Guided Artificial Intelligence Assessment. For example, high-scoring applicants typically get at least 150 minutes of physical activity per week, sleep and wake up at regular intervals, have strong family relationships and friendships, own pets , eat healthy food and limit their sugar intake, and make. time for self-care and fun. "Sproutt makes sure that people who make good lifestyle choices to improve their longevity are supported and rewarded with the best policies, and that they use them wisely, because that means they cost less," he said.
Sproutt is an insurance broker, and like most brokers, it collects a commission from advertisers who refer customers. (In an effort to reduce bias, the state-licensed advisors who process policies for Sproutt receive an equal share from all insurance companies.) It is not affiliated with any life insurance company, and continue. just share it personally. information and insurers at the time of application.
"Breathing new life and excitement into an old business is both a challenge and an opportunity. Sproutt believes that life insurance is very important, because it protects what is most precious to us: our family. This is why life should be celebrated," said Assaf Henkin, president of Sproutt. "We see the use of data and AI to benefit consumers and disrupt a business that can't update. Sproutt gives people a superior experience and guides them to the life insurance they deserve, often in the same day they applied.
Sproutt is not the only company selling AI in the $532.7 million global insurance technology market that has attracted deep investors, it is worth noting. Ethos, a company that uses data analytics and big data to provide life insurance, raised $60 million in August 2019. And Health IQ, which collects data to allow health care providers to save no more than $1,238 a year on their life insurance. , earned $55 million in May.
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We may collect cookies and other personal information from your interactions with our website. For more information on the categories of personal information we collect and the purposes we use it for, please see our Collection Notice. Many young people don't think about life insurance. But, like many things we forget, it is useful for us to think about life insurance even if it seems like an old man. For most, and most severe, losses, life insurance is one of the best financial tools. Even if the death benefit is not used, it can be very beneficial for a young person.
While a senior citizen may not have the same resources available for a large policy as a senior policyholder, it is not a mistake for them (especially a couple with children) to save the investment. life insurance. By doing this, they protect those who rely on them and save them valuable money, in the end. This is especially important when about one-third of American families rely on only one domestic worker according to the Bureau of Labor and Statistics.
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To protect your family and loved ones, check out why a young person should get life insurance below. See how it makes sense to set up a policy with a broker like .
Start with life insurance young, and you'll save on many affordable options for seniors who are just starting their careers and earning their living. It is good if the first reason that people do not have insurance is the cost according to Statista because there are more reasons that young applicants have more reasons to get important insurance. However, there are many other benefits of getting life insurance at a young age that are often overlooked.
The obvious reason and motivation for buying life insurance is that you want to protect your loved ones financially from catastrophic events. If you have a lot of student loans or you're thinking about taking out a loan to buy a house, it's on your mind right now. And, these are the right reasons for wanting to give your children or your family a safety net and avoid the burden of your responsibilities.
In addition, the family may depend on your income. Therefore, for your spouse or children, it may be worth having insurance to help them survive and continue their lives even if an accident happens, bad things happen to you. For these reasons, many people find it worthwhile to consider, apply for, and purchase old age life insurance.
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Besides the most obvious death benefits, life insurance can provide additional benefits and protections. Many policies provide coverage for medical conditions that may develop throughout your life and limit your earning capacity such as cancer or disability. And, there are financial vehicles that permanent life insurance can offer such as tax savings through cash value.
Overall, it's not a bad idea to think of life insurance as an investment in your family, your future, and your financial life. Through these types of non-death benefits, you can make financial savings and enjoy reduced risk, reduced taxes, and increased savings.
Buying life insurance at a young age can be a good idea for those who are ready to start planning for the future. That is why entrepreneurs like to get life insurance at a young age.
In general, young people can get good conditions for low prices, especially with the basic policies described below. And, they benefit more from financial policies that last a lifetime, grow each year and money they can borrow when they find they need a little extra money.
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Even those who choose a life insurance policy with a smaller, more limited term, can pay off the insurance for them in their 20s. This can be part of a retirement plan, especially if you've already contributed a lot to an IRA or 401k.
Additionally, and perhaps more importantly, 20-year-olds get the best deals and some of the best deals. You can earn $200,000 or $300,000, in some cases, for as little as $15 or $20 a month. These guaranteed death benefits can also be arranged up to age 40, continuing your working life at a lower cost.
Life insurance is best for young people who are at different stages of their lives and the many different incomes, lifestyles, and values each unique person brings. The best life insurance plans for young adults come in many forms, but life insurance is easier to understand and divide between basic policies and whole term policies.
In those areas, there may be changes, but
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