Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global Inc., took to the stage yesterday at the organization’s Life Insurance Conference to talk about the state of today’s industry. His presentation covered a broad range of subject matters, all bolstered by LIMRA’s illustrative data.
The presentation took on a “State of The Union” type of feel and it showed the industry is currently full of many successes, opportunities, challenges and misconceptions.
A recent LIMRA study found that 75% of all Americans have confidence in life insurance companies, and that number jumps to 90% among Americans who own individual life insurance. The study found that peoples’ faith and confidence in the products and the companies that are selling them is incumbent upon whether they’ve had some type of exposure, either directly or indirectly, to the benefits that owning life insurance can provide.
Not surprisingly, 8 out of 10 consumers surveyed that have had a positive experience with life insurance say that it plays a critical role after the death of a loved one. Close to two-thirds of Americans feel that life insurance gives people peace of mind. “This study further confirms what I have believed throughout my career: life insurance provides the financial security that allows families peace of mind when the unthinkable happens,” Kerzner said.