Life insurance often bought through employer

Posted on: Tuesday, April 17, 2012

A recent study is providing tips for insurance agents in determining who their life insurance leads tend to be and where they're going to purchase coverage.

The report, "U.S. Life Insurance Buyer-Nonbuyer" study, which was conducted by LIMRA found that almost 20 percent of life insurance shoppers looked for a plan through the options provided by their employer in the past two years. Around 75 percent of these shoppers eventually wound up buying a policy.

"More and more people are turning to their place of work to get the financial products they need," said Kim Landry, an analyst for LIMRA's group product research division. "Clearly, the convenience of having the resource at their place of work coupled with the feeling of security felt by working with someone their employer has approved, are drawing consumers to this channel."

The study also found that those who purchased coverage were satisfied with their selections, as eight in 10 workplace shoppers felt good about their plans and the information that was provided to them about it. However, roughly 40 percent of shoppers said they didn't think the provider took into account what they could afford.

Agents may want to be more cognizant of their customers' financial situations when insurance prospecting.

Posted In: Insurance News, Life Insurance

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