A new study released by the nonprofit LIFE Foundation and LIMRA revealed that more than one in four adults prefer to purchase life insurance directly from a company via the internet, mail or phone. This is in stark contrast to the eight in 10 consumers who preferred to work with an insurance or financial professional in 1996.

The 2011 Insurance Barometer Study released by the LIFE Foundation and LIMRA revealed that consumers are much more likely to purchase their life insurance directly from a company via the phone, internet or mail than ever before.

As explained by Marvin H. Feldman, president and CEO of the LIFE Foundation, in a press release, Obviously, the Internet has fundamentally changed consumers buying practices over the past 15 years. He noted that consumer interest in using the Internet to conduct research has resulted in a desire to purchase online.

It helps that life insurance companies and agents have developed and implemented innovative strategies to engage and serve consumers through their websites and social media platforms that are more convenient for the customers, Feldman explained.

The population showing the most interest in purchasing life insurance online is the 25-44 age group. According to the study, 31 percent said they would prefer to buy direct in general, while three in four said the Internet was their preferred means of direct buying.

Another discovery revealed in the study was that consumers generally view life insurance as a necessity. A reported 86 percent polled agreed that most people need life insurance, while 70 percent said they personally need life insurance.

But while most agree that life insurance is important, only 63 percent of individuals surveyed said they own some sort of life insurance. According to the researchers, this is largely because life insurance is considered an optional coverage.

Other factors that deter the purchase of coverage include:

• A lack of understanding of the products being offered
• The cost of various coverage types
• Unrelated financial concerns (needing money for retirement, medical expenses, etc.)

Despite these deterrents, however, many consumers want to leave a legacy behind. This is why, in time, more consumers decide that purchasing some type of life insurance coverage is the right choice for them.

Similar Posts:

• Permanent Life Insurance Owners Feeling More Satisfied
• “Life insurance at an all-time low! Your best bet is the Internet, where you can search for and compare policies.” – J. Chatzky
• At What Age Should You Buy Term Life Insurance?
• Today’s News: More Medicaid Patients Using ER, NFIP in the Red and Teen Drivers Vulnerable to Deadly Crashes
• Nationwide Insurance Foundation Donates $150,000 to Recent NE Storm Victims