Windsor, CT, September 11, 2006 – The terms “art” and “life insurance” aren’t usually spoken in the same breath, but by asking consumers to express their feelings creatively, research organization LIMRA International revealed the typical American’s “love-hate” relationship with life insurance.
Working with focus groups in several major cities in the U.S. and Canada, LIMRA researchers asked consumers to create collages to visualize their feelings (Collage 1, Collage 2, Collage 3) about life insurance, and then explain their work to the group. All the consumers in the groups already owned some life insurance, and said they believe they need more.
“They really showed us a mix of strong feelings,” said Bob Kerzner, president and CEO of LIMRA. “Some used words like ‘confusion’ and ‘stress’ when they think about life insurance. But they also talked about ‘responsibility’ and ‘relief’ at the thought of having enough to protect their families. Love was a recurring theme.”
LIMRA has been conducting ongoing research into Americans’ ownership of life insurance and why people buy or do not buy the insurance they say they need. LIMRA’s latest findings show that about one third of Americans have no life insurance coverage at all. Millions more have coverage but believe they need more. (More facts about life insurance).
Before they will buy life insurance, consumers want answers to three basic questions – How much do I need? What kind do I need? Am I getting value? “Answering those questions will bring people a long way to making the decision to buy,” Kerzner said.
“September is Life Insurance Awareness Month, a great time to bring these findings to people’s attention,” Kerzner said. “They can help agents and advisors do a better job of working with their clients, and also help consumers better understand this important decision.
“Literally millions of individuals and households believe they need more life insurance but for a variety of reasons are ‘stuck in neutral’ when it comes to acting,” Kerzner added. “This month is a time for people to think about the issue, understand their own situation, get answers to their questions, and make the decision to buy.”
About LIMRA International
LIMRA International is a worldwide research, consulting, and performance improvement organization that helps more than 800 insurance and financial services companies in 60 countries increase their marketing and distribution effectiveness.