Life Insurance Ownership Declines but Intent to Buy is at All Time High: Life Happens and LIMRA Study

A study by Life Happens and LIMRA reports that U.S. Life Insurance ownership is 54%, down 9%, according to the 2020 Insurance Barometer Study. One factor for the decline is lower employer paid group life insurance benefits.

The study also reports consumers intent to purchase life insurance in the next twelve months is 36%, an all time high. The increase is is likely due to COVID-19 and many people who do not have any life insurance now see a need for the protection.

Consumers indicate they are more willing to purchase life insurance on-line and use a simplified underwriting process to complete the transaction. To help with the purchase, consumers are using social media to research finance related topics and read reviews about Agents posted by other consumers.

Carriers and Agents that offer complete end-to-end digital capabilities, from application to e-policy delivery, and have a strong social media presence are in a good position to attract new clients and drive sales higher.

To read the article, please click here.