Shoppers continue to practice careful financial management as a result of the economy, as many are less preoccupied with spending and more focused on saving for their future, according to an article published in The Review and Outlook 2011 issue of Life Insurance Selling.
"This is a good omen for life insurance producers because it creates an opportunity to gain prospects’ attention and to share with them strategies for making their future more financially secure," writes Kenneth Shapiro, president of First American Insurance Underwriters.
The report said the positive omen may result in life insurance products more effectively meeting customer expectations in 2012. Whole life insurance has been seeing big sales growths due to its ability to help people save and plan, and other types of insurance may see their rates drop and become more popular over the next year.
The fact that more people are looking into life insurance over the next year could be good for the industry, as the LIFE Foundation reported earlier this year that 11 million fewer American households have a policy than just six years ago.