Online life insurance agency IntelliQuote has announced substantial year-over-year growth in online life insurance application submissions.
Strongly coming out of the gates at the beginning of the year with 18 percent growth in online applications versus the first quarter of 2011, the momentum has been maintained and they reported 11 percent year-over year-growth for the second quarter versus 2012.
In what hopefully is an indicator of an overall strengthening of the economy, the numbers are a testament to a remembered sense of consumer confidence that had evaporated in the years since the beginning of the financial crisis in 2008.
Immediately after the crisis, the life insurance industry like many other industries experienced a major slump. New policy sales precipitously dropped and due to financial strains, many policy holders dropped their coverage. Four years later, the economy is burgeoning and consumers are feeling confident enough invest in their planning needs.
“This rise in online life insurance applications is a great indicator of our growth as a company as well as rise in consumer confidence. Many of the consumers we speak to today already have a keen understanding of the importance of life insurance protection, they were simply unable to afford coverage during the recent economic slump,” said Gary Lardy, President and CEO of IntelliQuote.