In Life Insurance Marketing, September is Life Insurance Awareness month. I see this as an opportunity for insurance agents and brokers to assess their marketing strategies. After all their goal is to generate new leads for their agencies. This is the only way they will increase their customer book.
When it comes to life insurance, there is a lot of opportunity.
Many Americans do not have adequate life insurance protection. According to LIMRA, 30 % of US households have no life insurance whatsoever. There are 11 million fewer American households covered by life insurance today compared with six years ago.
Some statistics:
30% of U.S. households have no life insurance at all; only 44% have individual life insurance.
50% of U.S. households (58 million) say they need more life insurance.
The average amount of coverage for U.S. adults has dropped to $167,000, down $30,000 from the average coverage in 2004.
Why Aren’t Consumers Buying Life Insurance?
“Everyday expenses” such as energy costs, food, clothing and transportation were cited by more than half of consumers surveyed as limits on ability to save for financial goals.
86% of consumers who believe they need life insurance haven’t bought it because they think it is too expensive.
Among households saying they are likely to buy life insurance in the next 12 months, 35% say the reason they have not yet bought more life insurance is because no one has approached them about it.
But, Consumers are Buying Life Insurance Every Day
41% percent of Life Insurance shoppers say life events (marriage, children, buying a house, etc.) motivated them to shop for life insurance. Agents should concentrate on these key trigger groups – since they represent their best chance for success.
Consumers Prefer to Shop & Buy Life Insurance Face-to-Face
Face-to-face is still the most preferred method for buying life insurance. While 86% of consumers use the Internet to research life insurance before purchasing, only 16% percent of consumers would prefer to buy insurance completely online.
But how do you reach them to set the appointment?
Direct Mail Works
* Direct mail is the only way to consistently reach the top life insurance lists trigger groups of New Homeowners and New Parents. A well thought out letter with appropriate premium will earn Insurance Agents a coveted face-to-face appointment.
People buy insurance from people. Tweak your copy; test your offer – telephone follow up where you can. People Can Buy Insurance from anyone. Let them buy from YOU.
