Consumers who receive a financial needs analysis are more likely to buy life insurance, and to buy larger face amounts, than those who don’t receive an analysis.
LIMRA, Windsor, Conn., published this finding in a summary of results from a 2011 LIMRA U.S. Life Insurance Buyer-Nonbuyer study. The report explores how consumers’ experiences during the life insurance shopping process influence whether they will buy or not. LIMRA surveyed only those consumers who “seriously shopped” for life insurance.
In total, 6,666 households seriously shopped for life insurance. Another 3,581 bought and 3,085 did not buy after shopping. The results were weighted to represent the U.S. population.