Life Insurance Quotes

Life insurance purchases increase among serious shoppers

11/29/11

A recently published report by LIMRA showed that Americans who received a financial needs analysis were more likely to purchase life insurance as opposed to those who didn't receive an analysis.

The findings were published in a 2011 LIMRA U.S. Life Insurance Buyer-Nonbuyer study and showed how exploring life insurance options influenced consumers' desire to purchase.

LIMRA only surveyed those who were considered "serious shoppers" for life insurance. According to the study, 6,666 households were considered "serious shoppers" for life insurance. After exploring options, the study showed that 3,581 households bought life insurance and the remaining 3,085 did not.

Out of the 41 percent of participants who received financial needs analysis, 73 percent bought life insurance. Out of the 36 percent of participants who did not receive financial needs analysis, 49 percent did not buy life insurance.

LIMRA also recently announced that sales of U.S. life insurance increased 6 percent in the third quarter of 2011, which was driven by increased sales of whole life insurance.

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