Most of us purchase life insurance with one goal in mind: to protect our loved ones if and when we are no longer able. Most of us don’t find ourselves considering the claims process our loved ones will have to go through at the time of our death. A new study from LIMRA should however give all of us a sigh of relief. The recent study found that 95% of life insurance beneficiaries are satisfied with the claims experience.
The official study, “The Moment of Truth: Individual Life Insurance Claimant Satisfaction,” surveyed 4,242 life insurance beneficiaries who collected a death benefit, from one of 11 carriers, during the second quarter of 2011. Because respondents were able to provide written response, LIMRA was able to gather detailed information about the individual experiences of each participant. The study found that extremely satisfied beneficiaries were more than 3 times as likely to recommend the carrier and were more than twice as likely to acknowledge the crucial role that life insurance plays after the death of a loved one.
The overall results of the study highlighted the importance of fast claims processing. While the median payout period was right in line with industry averages, 19 days, most participants felt that this was more than adequate.
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If you are one of the millions of Americans in need of life insurance protection, there is no time like the present to get started. Now that you can rest assured that industry averages indicate that you’re loved ones will receive the compensation they need, what do you have to lose? Complete our online life insurance quote request form and receive an instant side-by-side quote comparison. Not sure which is the right choice for you? Your personal IntelliQuote advisor will be here to walk you through every step of the process. Let’s get started today!
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