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Life Insurance Barometer Study released

Jul 25, 2013 2 Minute Read

As a life insurance broker, you may worry about the ability for consumers to research and buy life insurance online. You don’t want the online life insurance world to take business away from you.  However, a recent study has shown that only 23% of consumers actually want to research and buy a life insurance policy online.

LIMRA and the LIFE Foundation have released the third annual Insurance Barometer Study, a survey that seeks to understand how consumers think and act in regards to life insurance. This year the survey also asked about distribution models like purchasing online, in a retail store or through a life insurance agent.

Seven percent of those surveyed say they would be willing to purchase from a superstore like Target or Wal-Mart, however, 55% say a reason not to purchase from a retail store is because they prefer to purchase through a life insurance agent. 48% percent also say they would prefer to research life insurance online, but purchase through an agent.

Survey Takeaways for Agents

The figures regarding life insurance research online and agents show that life insurance agents are still an important part of the life insurance purchase process. However, it’s equally as important to put yourself and your business online. If you don’t have a website, you should consider getting one so consumers can find your business and contact information online. Make your website educational and informative, so that prospective clients can do their research online and call you when they’re ready to purchase. Include as much information about life insurance as possible and try to target all stages of the buying cycle, from those who are just doing initial research to those who are ready to buy immediately and everyone in between.

Including trust logos such as the logos of any associations or Better Business Bureaus you belong to will help to instill trust in prospective clients. Also, be sure to make contact information clear so it is easy for clients to call you with questions or to get a quote. And don’t forget about the 23% who like to do all their research and purchasing online, too. Include a form on your website so it’s easy to get a quote.