LIMRA Consumer Research
Industry IssuesThe Individual Life Insurance Consumer Survey assists business development and distribution effectiveness. This analysis identifies traits of households that purchase life insurance, and illustrates applied marketing tactics to connect with life insurance buyers.
- 1 in 4 households recognized the need for life insurance in the last 24 months, suggesting that 31 million U.S. households entered the life insurance purchase process.
- Among those recognizing the need for life insurance, 60 percent seriously shopped for coverage. This suggests 15 percent of U.S. households (19 million) are using the industry’s marketing and communication systems over a 24-month period.
- Among those that shop for life insurance, a very high percentage (73 percent) apply for at least one quote. This suggests 14 million households apply for life insurance quotes over a two-year period (roughly 583,000 households per month).
- Of those that apply for quotes, 64 percent go on to buy life insurance coverage, which suggests 7 percent of American households (9 million) purchase life insurance over a two-year period (roughly 375,000 per month)