Get this: More than half of Millennials will ask friends and followers on social media for recommendations when searching for an agent or advisor, and then will vet what they are doing on social media. Gen Xers are not far behind at 44%. Plus Two-thirds of consumers would not do business with an advisor who has an out-of-date website.
These are just some of the findings of the new 2018 Insurance Barometer Study by Life Happens and LIMRA that was released today. Now in its eighth year, this is the industry study that tracks the financial perceptions, attitudes and behaviors of consumers, with an emphasis on life insurance.
- Almost half of respondents sought life insurance information or attempted to purchase life insurance online
- That said, most still want to meet with a financial professional before purchasing, including Millennials at 73%— the highest percentage of all generations
- 87% of consumers say they would use the internet to research life insurance during the purchasing process
But the 2018 Barometer Study doesn’t just focus on the online factors. It also explores:
- Major factors that keep people from buying life insurance—or more of it
- Common misconceptions about life insurance and ability to qualify for coverage
- What consumers think about simplified underwriting
Access to the 2018 Insurance Barometer Study is a Life Happens Pro benefit. Sign into your account for your copy! If you’re having trouble, please reach out to firstname.lastname@example.org.