WINDSOR, Conn. ARLINGTON, Va. July 27, 2011
Marvin H. Feldman
Not surprisingly, younger consumers showed the most interest in purchasing life insurance through the Internet. Among those ages 25-44, a prime group for purchasing life insurance, 31 percent said they would prefer to buy direct, with three in four citing the Internet as their preferred means of direct buying.
These findings were released today by the nonprofit LIFE Foundation and LIMRA as part of the organizations’ "The 2011 Insurance Barometer Study," a new, annual survey designed to increase understanding about consumer attitudes and behaviors regarding a host of insurance and financial planning matters.
"Life insurance has never been as easy or inexpensive to buy, yet millions of Americans continue to put off making a purchase that they, by their own admission, say is an important one," noted Feldman.
While the percent of people who want to buy over the Internet is still relatively small compared to the percent who want to buy from an insurance agent (17 vs. 64 percent), the Internet now plays a role in eight out of ten life insurance purchases. When asked how they would use the Internet if they were to make a life insurance purchase, 59 percent say they would use it to conduct research, but ultimately buy from an insurance agent. Twenty-one percent say they would research and complete the purchase online. Among 25-44 year-olds, nine in 10 say they would use the Internet in some fashion during the buying process.
Additional findings from the research:
Consumers Want to Understand What They’re Buying.
Concerns Over Price Hinder People from Buying More.
Most Desire to Leave a Legacy.
Other Financial Concerns.
About The Insurance Barometer Study
Feb. 3 – 8, 2011
CONTACT: Katharine Carver
SOURCE The Life and Health Insurance Foundation for Education (LIFE)