Despite the numerous benefits and protections afforded to life insurance policyholders, the lack of trust in insurance agents or insurance providers are holding many Americans back from purchasing life insurance coverage.
According to Live Insurance News, in the United States, annual individual life insurance policy purchases have dropped 45 percent over the last 25 years, while the number of households with children has increased 25 percent. The number of policies worth $2 million or more, however, has been increasing.
The news source believes the cause of this trend is the image life insurance agents and providers have to the American consumer: a sales professional more interested on the commission than actually meeting clients' needs. Despite the apparent call for professionalism from consumers when purchasing a policy, insurance companies still remain hesitant to alter their consumer relations.
This gap between what customers want and what providers are offering has pushed many consumers to seek out financial advisers who they have researched and can trust, while many others are turning to online purchasing of life insurance policies. Canary Magazine recently reported some tips to help consumers find good life insurance quotes both in person and online.
The magazine reported first-time buyers should get recommendations and advice from family members, friends or colleagues who have been through the selection process and would have helpful information to make the search easier. Consumers should be educated in the various terms and options of life insurance policies, and understand what their needs are prior to selecting a policy or provider.