Olé Life wants to make buying life insurance for Latin Americans easier

Life insurance isn’t something that young, healthy people typically consider buying. It also isn’t always that accessible to those with lower income or easy to buy: It can mean a medical exam and lots of questions to determine the type of coverage and amount needed.

Source: Yahoo Finance

That’s a big part of why Latin America has one of the lowest insurance penetration rates at 1.3%. In addition, 15% of Latin American adults who can afford life insurance policies have one, compared to 52% of U.S. adults.

Miami-based Olé Life wants to change that. It joins others — for example, Equisoft, Turaco, and Acko — in bringing a digital-first approach to regions with low insurance penetration. Others like Mexico-based Minu are offering life insurance benefits via employers.

The full-stack insurance carrier is targeting Latin America’s growing middle class that may have previously been unable to obtain financial protection.

It provides life insurance through the web or a mobile app and has developed a digital underwriting methodology that doesn’t require a medical exam and can underwrite policies of up to $1 million, according to Olé Life co-founder and CEO Michael Carricarte, who has previously founded three other startups in the insurance space.

Read full article: https://uk.news.yahoo.com/ol-life-wants-buying-life-120027929.html

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