Perhaps one of the most interesting topics covered in the 2013 Insurance Barometer, from LIMRA and the LIFE Foundation, was the prospect of selling life insurance in a retail environment. Consumers in the study were asked to “evaluate the concept” of buying life insurance in a retail store, and the figures were very interesting.
Only seven percent of participants stated that they would be willing to purchase life insurance in a retail store. Of that group, 63% stated that they would purchase coverage in a retail environment because they believed that they would pay a more reasonable price, and 44% felt that it would be a more simplistic process. Adversely, of the 93% who stated that they wouldn’t purchase life insurance in a retail store, 72% said they would rather buy directly from an insurance company and 65% felt it was too complex to purchase in such a manner.
Believe it or not this has actually been a topic of discussion among industry thought leaders for years. In the ongoing pursuit to simplify the process of buying life insurance, the retail environment seems to be the next logical step. Though not all consumers are open to the prospect today, perceptions could change over time. This begs the question:
Would you buy life insurance in a retail store?
As a consumer, would you consider buying a whole or term life insurance policy on your next trip to the supermarket? Your opportunity might come sooner than you expect. The Life Insurance Barometer is a great indicator of current trends and upcoming developments in the life insurance industry.
At IntelliQuote we are in the business of helping our customers select and secure the very best whole or term life insurance coverage for their individual needs. As pioneers in the online life insurance space we’ve seen the online life insurance sector grow exponentially over the past fifteen years. Perhaps the retail space is the next frontier?
If you’re interested in purchasing whole or term life insurance easily and efficiently, we encourage you to complete our life insurance quote request form. Receive instantaneous, side-by-side comparisons of the very best whole and/or term life insurance policies on the market, based upon your individual needs.
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