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Life insurance purchasing practices changing

07/27/11

The nonprofit LIFE Foundation and LIMRA International recently released findings regarding the changes in life insurance planning and attitudes as part of their 2011 Insurance Barometer Study.

Although life insurance is traditionally thought of as being sold, not purchased, the study found that the attitude of many Americans has shifted. In 1996, 80 percent of Americans preferred to purchase their policies face-to-face with a provider, while the recent study showed this number has declined to 64 percent. Slightly more than one in four people now like to buy their policies over the internet, telephone or through the mail.

"Obviously, the internet has fundamentally changed consumers' buying practices over the past 15 years," president and CEO of the LIFE Foundation, Marvin H. Feldman said. "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."

According to the study, 86 percent of Americans agreed that most people need life insurance. Despite this, LIMRA reported in 2010 that only 44 percent of U.S. households actually possess individual life insurance, and 35 million households don't have any life insurance. 

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