More people checking into online insurance costs

Mar 05, 2012

More people are looking into life insurance.

Online Insurance Marketplace announced that there has been an increase in searches for the term "how much is life insurance."

The company keeps track of online searches and said this particular term saw a 5 percent increase in searches. There was also an increase in clients looking to buy 20-year term life insurance and family insurance.

"We will keep working hard in our efforts to teach the general public about the importance of life insurance," said Russell Rabichev, marketing director for the Link Building Company.

This could mean good things for the previously reported life insurance gap. LIMRA reported that there is a $17.5 trillion gap between the amount of life insurance U.S. households need and what they have. About 58 million households claim to be underinsured when it comes to life insurance, up heavily from the $9.5 trillion life insurance gap and 48 million underinsured people reported in 2004.

Cheryl Retzloff, senior research director at LIMRA Markets Research, said companies should find a better way to reach American households in an effort to get people more and better life insurance.

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