LIMRA research has found that 66% of Americans say the ability “to chat with a person” is an important factor when consumers are buying life insurance.
In the same 2017 LIMRA Barometer Study, two-thirds of the participants said the reason they did not purchase life insurance is that “it is too expensive.” Yet prior LIMRA research shows consumers overestimate the cost of life insurance by as much as three times its actual cost.
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Nearly a quarter of Generation X consumers said the reason they have not purchased is that “no one has approached me.” Twenty-four percent believe that they might not qualify for life insurance.
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What about millennials? Seven out of 10 agree that they need insurance, yet 50% told us that “no one has approached me.” Remember they are members of the largest generation alive today.
Our studies show both the GenX and millennial generations have a primary need for life insurance protection.