Majority of Consumers Aren’t Sure How Life Insurance is Priced, Survey Says

EL DORADO HILLS, Calif., Jan. 30, 2018 /PRNewswire-iReach/ -- IntelliQuote, a digital marketplace where consumers can easily find, compare, and shop for insurance plans, recently conducted a study on term life insurance. The study looked to examine term life insurance, which is when a person buys insurance with a guaranteed level rate for a period of time, and how customers understand the various policies that are available to them. Term life insurance is often thought to be one of the most affordable means of coverage.

When IntelliQuote set out to conduct an informative study about term life insurance, they wanted to know a few key things: Were people aware of what term life insurance was? Were consumers purchasing this type of insurance? And for those who were knowledgeable about term life insurance, did they know all the ways it could be beneficial to them and their families?

Nearly 600 participants were surveyed. Some key findings from the process were that 100% of participants had purchased or were considering purchasing life insurance, and that the majority of those who already had life insurance had up to $100,000 worth of coverage or less. Reflective of the modern times, the survey found that just over 40% of those surveyed would be comfortable buying life insurance over the phone or online.

When it came to determining how much term life insurance to purchase, most people made the decision individually while 25% of buyers looked to an advisor for counsel. When asked if "Do you know how the insurance company determines premium/price?" 40% of respondents said "No," while another 47% answered "Somewhat." IntelliQuote makes it simple for users to find and compare term life insurance policies that would best complement their budget and lifestyle.

"Many people buy term life insurance not fully understanding what they've purchased," said Carey Wolf, Vice President of Sales at IntelliQuote. "While we trust that consumers are well intended with their search for life insurance, it's crucial to have all the facts to get the best value for the consumer's family.  IntelliQuote's experienced agents help to iron out some of the details when it comes to buying term life insurance. We make it easy to view all your options and make a purchase based on what suits your lifestyle and needs."

While the survey clearly showed that consumers were interested in buying and maintaining current term life insurance policies, many simply lacked the information they needed to do so. IntelliQuote makes it easy to find term life insurance policies and quickly compares them to competing ones so consumers can find the best policy for their lifestyle and families. For more information, visit https://www.intelliquote.com.

About IntelliQuote:

Since 1997, IntelliQuote has offered a convenient way for consumers to compare, shop and save on insurance. IntelliQuote has remained dedicated to offering all the information needed for consumers to make an informed insurance purchasing decision. Learn more about the company, request a free online quote or view additional life insurance information at https://www.intelliquote.com.

Media Contact: Philip Ranger, IntelliQuote, (800) 963-6405, [email protected]

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SOURCE IntelliQuote