While only one in five consumers shops for alife insurance through their workplace, most of these shoppers actually make a purchase. That is one finding of a recent study released by LIMRA, an industry group.
The report also highlights the characteristics of the shoppers and identifies ways producers-also known as agents or brokers-customer service can improve their workplace. Get Life Insurance quotes quickly and easily
Triggers convenience shopping
Of the workplace shoppers, 30 percent give them shopped for life insurance simply because it was offered through their employer. This reason trumps the other main triggers lead individuals to shop for life insurance in the workplace, such as a change in marital status or a new baby.
"More and more people are turning to their place of work to get the financial products that they need," said Kim Landry, analyst for LIMRA product research group, in a statement. "Clearly, the convenience of having the resource in their workplace in combination with the safety by working with someone has approved their employer (implicit) felt his drawing consumers on this channel."
Besides, buy the majority of shopping for life insurance at work ultimately a policy. According to the report from LIMRA buy 75 percent of workplace buyers a whole life, term life or other life insurance plan.
Workers want more follow-up
Although shoppers policy through work buy, give some insurance producers could do a better job. Almost half of these shoppers say that their producer not to follow up with them. Additionally, 40% say that they do not believe that the producer has their budget into account in the preparation of life insurance quotes. More than one in three say they were not presented with enough product choices.
The study found LIMRA-workplace shoppers tend to younger than those who seek the term life or whole life coverage via other channels. The Organization speculates that these younger shoppers less can be experienced when it comes to life insurance and supplementary information from producers to fully understand their options.
LIMRA also the following characteristics of the workplace shoppers identified:
55% male75% are married or living with a partnerA have minor children in their household majorityThe Group also notes that these shoppers tend to have higher average incomes and more investable assets.
Maryalene LaPonsieMaryalene LaPonsie has been writing professionally for more than a decade on topics such as education, insurance and personal finance. She holds a Bachelor's Degree in political science from Western Michigan University.
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