Life insurance sales could be $9.5 trillion

Posted on: Thursday, September 08, 2011

Ambitious agents may have questioned themselves or their superiors about what kind of potential is out there for life insurance sales.

According to the Life Insurance and Market Research Association, it's significant.

In a follow-up to a 2004 study, LIMRA recently announced that life insurance sales would increase $9.5 trillion if the 48 million households that are underinsured purchased the amount of coverage they actually need.

Cheryl Retzloff, senior research director of research for LIMRA, said opportunity is knocking for agents to capitalize on this untapped market. Conversion, however, won't come easily.

"The greatest challenge is not getting [leads] to understand they need life insurance, but rather getting them to give it a high enough priority to investigate coverage now," said Retzloff. "These consumers need help to decide what type to buy, how much coverage they need and how life insurance can play an important role in their overall financial security."

The study found that a greater proportion of Generation X homeowners are thinking about purchasing life insurance compared to baby boomers and Generation Y. This fact may come in handy when agents are insurance prospecting.

Posted In: Insurance News, Life Insurance

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