Less than 5 in 10 consumers know they can purchase life insurance from a multiline carrier, a new report reveals.
LIMRA, Windsor, Conn., released this finding in a new report, “The Insurance Cross-Purchase Survey,” which examines the results of a poll of more than 4,000 people. LIMRA undertook the survey to understand consumers’ purchase behaviors and why people do or do not buy life insurance from their multi-line company.
While 95% of the multi-line companies represented in the survey offer life insurance, only 48% of consumers aware they can buy life insurance from them. And 87% of consumers say they have never spoken to their multi-line agent about life insurance.
The study also found that while 63% of participants own life insurance, only 19% own it with the same company as their automobile insurance.
“There is an obvious disconnect,” says Laura Murach, assistant director of LIMRA Distribution Research. “In past surveys, 90% of LIMRA’s multi-line exclusive agent (MLEA) panel said they always let clients know they can help them with their auto, home, and life insurance needs’ during the first conversation or meeting.