Americans Really Are Buying Life Insurance
December 28th, 2009 by Melissa Webb
As 2009 draws to an end, all of our thoughts will inevitably turn to the economy. Without a doubt, this has been one of the most chaotic years in US economic history- a veritable roller coaster – and if you’re still in the game as an insurance agent, then you’re one tough cookie! As I speak to insurance agents on the phone every day, one question will stubbornly come up every now and then: is anyone out there actually buying insurance, or are they just rate shopping? I could tell you the answer is a resounding YES to the former, even offer up the testimonies of agents that I work with that purchase leads and say that this year, leads have helped them to make this their best year yet… but don’t take my word for it…
According to a new survey released by the nonprofit LIFE Foundation, 56% of Americans believe that it is more important to have life insurance now than it was a just year ago (you can read the article here). Even though there were 33% of Americans that have lost coverage this year – due to a job loss or a job change, an even higher 39% increased their existing coverage and 28% of consumers went out and bought life insurance for the very first time. So what are these numbers saying? To me, they’re saying that even during times of economic crisis or hardship, or perhaps even because of it, people value security for their family. People are still buying and maintaining insurance coverage.
Again though, don’t take my word for it. According to Insurance Networking News, New York Life Insurance Co. sponsored another survey that shows that 83% of Americans age 30 and older agree that economic hardship has increased their desire to provide financial protection for their family. So the silver lining in the storm cloud of economic woes is that consumers aren’t just shopping; they’re purchasing.
