Why Your Clients Need Life Insurance Coverage

Life insurance is misunderstood by many Americans, which leads some to believe that it isn't necessary for themselves and their families. In fact, only 54% of Americans have any type of life insurance at all. To get a handle on the life insurance industry looking forward to 2023 and beyond, here are some stats from Best Life Rates to know:

  • 50% of people searching for life insurance tend to value convenience, speed, and simplicity in underwriting over all other factors
  • Of the 54% of Americans who own life insurance policies, 27% take part only in group plans offered by workplaces or organizations they are part of
  • 30% of permanent policies purchased 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 3 people are worried they don't have enough life insurance coverage for themselves

Expanding to life insurance is a great opportunity for insurance agents to expand their book of business and cross-sell their current clients. The added benefit is that the more policies a client has with you, the more likely they are to stay.

A big component of selling life insurance in 2023 is having a strong digital presence. Consider these stats:

  • 58% of millennials skip out on life insurance because they don’t know what policy type or amount of coverage to buy
  • 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, now is the time to do so. Catch your clients and prospects where they are. The world is becoming increasingly digital and you must follow suit.

To capture the interested leads who visit your website, make sure you also have a lead form. This will allow you to set up automation to work those leads faster and significantly improve your chance of conversion.

Check out the infographic below to learn more about the state of life insurance in 2023. Share it with your clients to show them why life insurance is so critical.

The Importance of Life Insurance in 2023 & Beyond

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This blog was originally published on November 3, 2017, and has been most recently updated and republished on November 22, 2022.

Posted by Sarah Rosonke on Tuesday, November 22, 2022 in Life Insurance

  1. data management
  2. selling

About The Author

Sarah Rosonke

Sarah is the Design and Content Specialist at AgencyBloc. She creates and designs helpful resources to support life and health insurance agencies in growing and automating their business. Favorite quote: "You'll never do a whole lot unless you're brave enough to try." —Dol ... read more