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March 03, 2015 at 05:57 AM
A LIMRA study finds majority of Gen X and Y consumers believe they need more life insurance. At the same time, less than 20 percent say they are very likely to buy life insurance.
Insurance executives will gather at the 2015 Life Insurance Conference on April 13 – 15, in Arlington, Virginia to discuss ways to better engage consumers, closing the gap between recognized need and actual life insurance ownership.
“The study clearly shows that people recognize the value of life insurance and the risks they face being underinsured,” says Todd Silverhart, a corporate vice president at LIMRA Insurance Research. “Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance.”
Separate LIMRA research has identified nearly 19 million consumers who need life insurance but have become stuck during the shopping process. “At the conference, we will be discussing how authentic communication could improve engagement,” says Silverhart.
