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A new LIMRA study reveals that consumers expect transparency from a life insurance purchase the same way they would for buying other retail products or travel.  

What is transparency in life insurance?
LIMRA research finds there are several overarching factors that consumers feel contribute transparency. First, consumers want easy-to-understand terms and if possible, a glossary. They are also looking for clear and accurate ways to compare companies and products. Consumers also say they want the ability to easily call or chat with knowledgeable sales representatives. Lastly, they are looking for an easy to use online application.

What do consumers want from online purchases?
While life insurance may not be the same type of purchase as clothing or a trip, many consumers want to at least start the buying process online. Research shows prospective buyers initially go online for two reasons: to gather information before contacting someone in person, or to gather information with high hopes of completing the entire process online.  

The data from LIMRA‘s focus groups show what consumers want from companies online:

LIMRA conducted four focus groups of consumers who purchased life insurance within the past 24 months. The study reflects the findings from these focus groups.

LIMRA members can read the full report, Taking Out the Mystery: Providing Transparency for Life Buyers, to learn more.

Media Contacts

Catherine Theroux

Director, Public Relations

Work Phone: (860) 285-7787

Mobile Phone: (703) 447-3257

ctheroux@limra.com

Brooke Lacey

Public Relations Specialist

Work Phone: (860) 298-3920

Mobile Phone: (413) 530-6184

blacey@limra.com