Despite not growing up with the internet, LIMRA research finds Baby Boomers are most likely to say they used at least one online information source when shopping for life insurance.
When it comes to employee benefits, where you are in life impacts what you feel is most important. LIMRA research finds Millennials place a greater level of importance on education and parental leave than Generation X (Gen X) and Baby Boomers.
Life Insurance Ownership Across the Generations: Results from LIMRA’s 2010 Life Insurance Ownership Study (2011)
In 2010, LIMRA conducted the Life Insurance Ownership Survey to see how well the industry was reaching U.S. households and meeting their life insurance needs. While other reports have described overall trends in life insurance ownership, this report identifies opportunities within each generation —Generation Y, Generation X, Baby Boomers, and the Silent Generation.
How can companies reach out to the many consumers who need — and often know they need — the products companies offer? Which information channels were used by consumers who recently researched retail insurance products gather information? What sources were most-used and most-valued?
Consumer research shows that “one size does not fit all,” whether the product is clothing, electronics, or insurance. How did recent consumers who researched retail insurance products gather information? What sources were most-used and most-valued?
How do consumers of four generations ( Generation Y, Generation X, Baby Boomers, and the Silent Generation) recognize need, seek information, purchase, and obtain service? Explore the ways in which each generation sought information or purchased individual products.
Gen X and Y are almost all online and use the Internet for communication, information, and purchase. How can your company reach them online?
In new benefits research from LIMRA, 53 percent of employees said they spend less than one hour reviewing benefits information during their company’s open enrollment period.
As Gen Xers and Gen Yers consider life insurance, do they use the Web? How do they buy life insurance? How can insurance companies use the Web as a link to Gen Xers and Gen Yers to educate them and build their brands? Companies need to use the Web to reach out with education and service to establish links between them and their potential future customers.
What are policyowners’ preferred channels for service: online, through financial professionals, or direct from companies?