|Targeted News Service|
The majority of Generations X and Y consumers would consider buying life insurance policy from their bank -- significantly higher than older generation (Boomers and Silent), where only about a third of these consumers say they would consider it. Awareness of Life Insurance in Banks (http://www.limra.com/newscenter/databank/Awareness_Life_Insurance_Banks.pdf)
"Growing up in a post-Graham-Leach-Bliley environment, the younger generations are open to receiving a broad spectrum of products and services from their bank," said
The periodic LIMRA study also found awareness of bank-sold life insurance has reached 54 percent. While this is encouraging, there is still a large portion of the population that needs to be educated. The study found only 44 percent of all consumers would consider buying life insurance from a bank.
The report, "
"Recognizing the desire for simplicity, carriers have designed single premium, simplified issue solutions that leverage technology to meet more complex needs in a simplified way," according to Leary. This approach has worked well. Based on LIMRA's findings, much of banks' success with life insurance has been as a wealth transfer solution, selling single premium whole life and universal life.
"These findings offer a great opportunity for banks wishing to sell more life insurance," Leary continued. "Traditionally, banks have focused on selling single premium permanent life insurance products for the purposes of wealth transfer -- something banks should absolutely continue doing. Our research suggests if banks expand their energy on selling term and other basic protection products broadly to their customers, they would have more success."
TNS 61NF 120731-JF78-3972174 StaffFurigay
|Copyright:||(c) 2012 Targeted News Service|