January 25, 2012
By: Bruce Berry
While life insurance companies have a variety of ways they market their products, a recent survey finds that the majority of Americans couldn't remember any opportunity to buy them over the past two years.
Only 39 percent of households polled by LIMRA said they could remember a specific opportunity to buy. However, there was a significant difference between married and single households. While 74 percent of married people could remember an opportunity to buy life insurance coverage, just 26 percent of single people said the same.
"There are clearly opportunities for insurers to reach out to underserved segments of the population, like single people, who are in need of life insurance," noted Cheryl Retzloff, senior research director for LIMRA Markets research.
Of people who did recall a purchasing opportunity, single households were almost as likely to buy coverage, with 51 percent doing so compared to 58 percent of married people.
Many people may have unwillingly dropped life insurance coverage during the recession. Previous LIMRA data found that 35 million U.S. households did not have life insurance, even though most would have financial issues if the primary wage-earner passed away.
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