What Motivates you to Buy Life Insurance

  • Sep-12-2012
  • Richard Reich

If you’re like most life insurance consumers, it was a major life event that motivated you to purchase a life insurance policy.  Either you were getting married or had recently done so, you had a new child (either by birth or by adoption) or you purchased a new home.  According to a survey by LIMRA, forty-one percent of those who purchased life insurance did so when experiencing one of these life events.

Twenty-five percent of life insurance shoppers considered a life insurance purchase because an insurance agent/broker or their financial advisor contacted them.

However, consider this statistics:

  • Within the last two years, sixty percent of consumers don’t recall being approached to buy life insurance (they must not have surveyed people I know).
  • Thirty-five percent of shoppers who met with an agent or broker didn’t purchase a policy and the agent/broker did not follow up with them (shame on you, agents).

Twenty-five percent of life insurance shoppers initiated contact with a life insurance professional  because they thought they might need more coverage or just wanted to review their current coverage.

One in eight of those surveyed had friends who recommended an agent/broker or financial advisor to them, which prompted them to shop for a policy.   Obviously, relationships are important – 78% of shoppers who had previous relationships with their advisors bought life insurance – almost 10% higher than those who had no previous relationships.

Did you know that September is Life Insurance Awareness Month?  What better time to call your advisor or get a recommendation for one from a friend.  Whether you’re having a life event or simply need to review your current policy, what better time than this is there to get a life insurance check-up?

If you don’t currently have an advisor or friends who would recommend one, give us a call.  Perhaps you’ll appreciate our services so much that you’ll be the one making recommendations to your friends.

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