Although just over a quarter of employed Americans (27%) have voluntary group life insurance, 68% of workers who say they don’t because their employer doesn’t offer it would be somewhat or very likely to purchase it if offered at their company.
Tag: life insurance
Nearly one in five consumers (17%) would be willing to purchase life insurance coverage directly from a retail outlet, according to a new study. Those consumers who said they were willing to purchase at a superstore (7%) cited perceptions such as “reasonable cost” (63%), “simple process” (44%), “convenient” (43%) and “no pressure to buy” (42), as reasons for their interest. For carriers seeking a niche market, retail ventures could be a worthy approach.
Women contribute to their families’ economic well-being whether working outside or inside the home. Yet many women do not have life insurance, or if they do, are underinsured, according to the Insurance Information Institute (I.I.I). In fact, women who are a family’s primary breadwinner carry 31% less life insurance than their male counterparts, even as a growing number of women earn as much, if not more, than their husbands.
Marriage appears to be a catalyst for working men and women to obtain life insurance protection. However, when children enter into the equation, it appears that parents are not adjusting their life insurance coverage to accommodate this new life stage, according to a new study by MetLife. For those parents who do have life insurance coverage, it is important to make sure that the coverage amounts purchased before parenthood are still adequate.
If there’s one thing the ongoing economic crisis has taught consumers, it’s the importance of emergency cash reserves. But it can be difficult for consumers to justify setting aside cash when so many routine expenses come their way. Some insurance companies have decided that the best way to sell life insurance is to promote the dual benefit of the whole-life or permanent plans – survivors get a payout as a death benefit and plan holders can tap the funds to cover cash emergencies.
While it’s true that the Baby Boomer population is increasing, older consumers aren’t the only customers life insurance companies should be courting. In fact, latest intelligence from Mintel Comperemedia suggests that Americans under the age of 45 don’t have enough life insurance. By primarily targeting consumers 45+, marketers are alienating other potentially lucrative demographics.