LIMRA: Only Half of Consumers Know Their Multi-Line Carrier Offers Life Insurance

“Perhaps it’s not that sales agents aren’t bringing up the topic of life insurance; but rather, the conversation is not resonating with potential clients enough to respond — or even to remember the conversation,” Murach adds.

In a separate study, LIMRA research shows that only 8% of 64.3 million households from 13 multiple-line exclusive-agent (MLEA) companies own automobile, homeowners and life and/or financial products with the same company.

Aside from price, LIMRA says, people buy life insurance from their multi-line company mainly because the products are well-suited to their needs (47%) and because they trust the company’s reputation (44%). 

Limra also reports that 61% of respondents who purchased life insurance from their multi-line company (19% of total) did so because they trusted the company’s reputation; 56% cite their trust in their agent; 485 say the price was right; and 41% mentioned that they bought the product because they considered it was the best.

Of the people who purchased life insurance from their multi-line company, 41% discussed it when they first met with the agent.  But only 21% of those surveyed said their agent brought up the topic of life insurance.