3. Starting a business doubles the odds a consumer will buy life insurance.
4. Getting offered life insurance at work doubles the odds a consumer will make a purchase.
5. A consumer who has lost a job is ***2.5 times*** more likely than other consumers to buy life insurance.
LIMRA analysts opened up their financial services market research data faucets last week in Chicago, at the 2018 Life Insurance Conference.
Vikram Kamath, the nonprofit market research consortium’s director of analytics, presented a session on a topic of keen interest to life insurance agents: the drivers of life insurance purchase behavior.
Kamath and his colleagues used LIMRA’s vast stores of survey data, along with math, to look at many different drivers and estimate how much each driver affects a consumer’s propensity to buy coverage.
The analysts found, for example, that, all other known factors being as equal as the analysts could make them, consumers who inherit estate are 75% more likely than other consumers to buy life insurance.
Above, in the “gallery,” we provide a list of five factors (including one that surprised us) that seem to make a consumer at least twice as likely as other, otherwise similar consumers to buy life insurance.
The entry for the first factor is already visible in the gallery. To see the other factors, just click on the gallery arrows.
— Read Robots Take Over Life Insurance Conference on ThinkAdvisor.