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A new study indicates a shift in how Americans prefer to buy life insurance. Traditionally, life insurance has been considered a product that is sold to a person vs. a person actively buying it. But that is changing with a shift toward direct buying methods, like so many other products.
While two-thirds of consumers (64 percent) still prefer to buy life insurance from an insurance or financial professional, that number is down from 1996, when 8 in 10 (80 percent) preferred to buy the product face-to-face. Today, more than one in four adults (26 percent) prefer to purchase life insurance direct via the Internet, mail or over the phone.
“‘Obviously, the Internet has fundamentally changed consumers’ buying practices over the past 15 years,” says Marvin H. Feldman, president and CEO of the LIFE Foundation. “Recognizing the growing consumer interest to use the Internet to conduct research and buy life insurance, life insurance companies and agents have developed and implemented innovative strategies to engage and serve consumers through their websites and social media platforms that are more convenient for the customer.”
Younger consumers have the greatest interest in purchasing life insurance through the Internet. Among those ages 25-244, 31 percent said they would prefer to buy direct, with 3 in 4 citing the Internet, such as CompassQuote, as their preferred method of direct buying.
These findings were released today by the nonprofit LIFE Foundation and LIMRA as part of the organizations’ “The 2011 Insurance Barometer Study,” a new, annual survey designed to increase understanding about consumer attitudes and behaviors regarding a host of insurance and financial planning matters.
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