LIMRA: Few households had chance to buy life insurance

Posted on: Wednesday, February 01, 2012

Even though there are various ways of buying life insurance coverage, a new study indicates that a small percentage of adults has had the opportunity to purchase a plan in recent years.

According to LIMRA's 2011 Life Insurance Buyer/Non-buyer study, just 39 percent of U.S. households said they could recollect an occasion where they could have bought a life insurance plan within the past two years.

Cheryl Retzloff, senior research director of LIMRA Markets research, said this was particularly frequent among a certain segment of society.

"This phenomenon is especially true for single people - a growing segment of the population because of a decline in marriages and an increase in divorce during the past few decades," said Retzloff. "Only 26 percent of single people recall having an opportunity to buy life insurance."

She added that this contrasts sharply with the 74 percent of married people who had an opportunity. She also noted that insurance providers should be aware that some people may be hesitant to buy due to not knowing enough about life insurance, which is why they may need guidance.

This serves as an opportunity for insurance agents to both increase their sales successes and improve their lead generation.

Posted In: Insurance News, Life Insurance

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