Why Your Clients Need Life Insurance Coverage
Life insurance is one of the least bought insurance coverages in the United States. In fact, only 57% of Americans have any type of life insurance at all. To get a handle on the life insurance industry for 2019, here are some stats from Best Life Rates to know:
- 47% of people searching for life insurance tend to value convenience, speed, and simplicity in underwriting over all other factors
- Of the 57% of Americans who own life insurance policies, 18% participate only in group plans offered by workplaces or organizations they are part of
- 30% of permanent policies purchases in 2019 were whole life policies
- Variable life policies have risen in popularity, accounting for 32% of the permanent policies sold in 2019
- 43% of millennials say they haven’t been approached about purchasing life insurance coverage
- 1 in 4 people are worried they don't have sufficient life insurance coverage for themselves
Expanding to life insurance is a great opportunity for health insurance agents to expand their book of business and cross-sell their current clients. The added benefit is, the more policies a client has with you, the more likely they are to stay.
A big component to selling life insurance in 2019 is having your digital presence solidified. Consider these stats:
- 58% of millennials skip out on life insurance because they don’t know what policy type or amount of coverage to purchase
- Nearly 50% of life insurance shoppers find company websites and online aggregators to be the most valuable informational resources
- 3 out of 10 people value agency websites and calculator tools in their research
If you do not have a website set up then now is the time to do so. Catch your clients and prospects where they are. The world is becoming increasingly more digital and it's crucial that you follow suit.
Make sure you have a lead form on your website, too, so you can capture the interested leads that are looking at your site. This will give you the opportunity to set up automation to work those leads faster and improve your chance of conversion significantly.
Check out the infographic below to learn more about the state of life insurance in 2019 and share it with your clients to show them why life insurance is so important.
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This blog was originally published on November 3, 2017, and updated on October 8, 2019.