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September 27, 2011 at 08:00 PM
Life insurance agents and brokers are paying far more attention to insurer stability this year than they were just 8 years ago.
Denise Marvel, a researcher at LIMRA, Windsor, Conn., has published that finding in a report based on a survey of 606 life insurance producers. About half were independent and about were affiliated.
The producers who participated may not be representative of all producers: About 90% have 10 or more years of experience.
But those experienced producers have been paying attention to clients’ flight to security, Marvel writes.
The percentage of producers who said they consider financial strength to be one of the two most important factors when they are evaluating an insurer increased to 26% this year, from 16% in 2003 and 2008, Marvel says.
“Many producers who changed a major carrier in the last three years did so based on financial performance,” Marvel says.
