A new study indicates agents have been quite successful in turning certain life insurance leads into clients.
According to a report issued by the Life Insurance Market Research Association, nearly 66 percent of working single mothers have some type of life insurance policy. This is considerably higher than the 57 percent ownership average for all women.
Nilufer Ahmed, senior research director for LIMRA, said the findings were somewhat unexpected.
"We were surprised by the level of life insurance ownership among single mothers," said Ahmed. "However, of those who are insured, only a third felt that their families would be able to cover expenses well into the future should they die."
In addition, the study also found that nearly half of single mothers believe they are underinsured. However, only 25 percent said they would likely purchase more coverage within the next year.
While this study shows agents have been successful with their life insurance leads, it also indicates there's substantial room for growth. Agents may want to review some of their marketing strategies to enhance sales opportunities.