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LIMRA and BCG study shows customers value both the convenience of technology and the reassurance of working with a financial professional

WINDSOR, Conn., and BOSTON, Oct. 26, 2020—As the COVID-19 pandemic spread across the country, new research from LIMRA and Boston Consulting Group (BCG) finds 4 in 10 consumers purchased life insurance using a hybrid of online and consulting with a financial professional, an increase of 10 percentage points compared with life insurance purchases prior to the pandemic.


Nearly 4,000 Americans were surveyed between July and August 2020, to identify how COVID-19 affected consumers’ perceptions and behavior when purchasing life insurance. The findings are presented in a report titled “The COVID-19 Effect: High Tech With Human Touch to Optimize Life Insurance Customer Experience,” which is being released today.

COVID-19 has increased consumers’ awareness about the importance of having life insurance coverage. Between March 2020 and July 2020, the number of Americans saying they felt a heightened need for life insurance increased from 49% to 58%, according to LIMRA research. This new study shows a third of consumers (32%) who began shopping for life insurance were prompted by the pandemic.

Researchers explored how consumers would approach the buying process. Until now, the most common method used to buy life insurance was working with a financial professional face-to-face. However, concerns about COVID-19 made meeting face-to face unattractive to many Americans.

“When the United States shut down to mitigate the spread of COVID-19, life insurers accelerated their adoption of digital technologies to allow consumer to continue to purchase life insurance while adhering to social distancing guidelines,” said Rob Sims, BCG managing director and partner. “Earlier this year, LIMRA research revealed carriers expanded their accelerated and automated underwriting, expedited use of e-signatures and delivering digital policies, and encouraged video conferencing for customer meetings. All of these changes streamlined the process for consumers to buy life insurance.”

Despite life insurers working to make purchasing life insurance online easier, the study found consumers still wanted to consult with a financial professional. More than a quarter of consumers said talking to an agent eased the purchase process.


“Instead of thinking of technology as a replacement for financial professionals, this research shows technology should be used as an enabler to enhance and possibly transform the pre-pandemic life insurance sales model,” said Todd Silverhart, corporate vice president and director of LIMRA’s Research Quality and Performance.  “The study also underscored the invaluable role financial professionals play in customer satisfaction. Almost every life insurance owner surveyed (97%) said they were satisfied with the service they received when working with their financial professional, which was higher than any other service channel.”

Overall, this study reveals three important long-term outcomes for the life insurance industry from the pandemic:

To read the full report, please visit: The COVID-19 Effect: High Tech With Human Touch to Optimize Life Insurance Customer Experience.


About LIMRA® 
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 700 financial services companies in 53 countries with knowledge, insights, connections, and solutions. Visit LIMRA at

About BCG
Boston Consulting Group (BCG) partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation — inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.

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