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Buddy, Can You Spare a Life Insurance Policy?

 

Anything at all would really help; maybe a little Hartford? MetLife? or Deloitte? Bless you, kind sir.

Dennis Grayson

Not Enough Life Insurance Agents

We recently reported that the number of agents selling life insurance products is dwindling at an alarming rate. At least some are alarmed by it, most notably those captains in the insurance industry who are certain that American’s don’t have enough life insurance and should have more. (Not Enough Life Insurance Agents?)

life insurance deloitte

Now comes corroborating news that “the prime reason many uninsured individuals don’t have insurance coverage is that no carrier has invited them to purchase their products.” That’s according to a new survey published by Deloitte, LLC, or the subsidiary of Deloitte that is big on insurance and that sort of thing, at any rate. “Even insured individuals who are open to buying additional coverage often say that they have not been solicited by carriers.”*

I would humbly suggest, at the outset of this discussion, that the real reason many uninsured individuals don’t have life insurance coverage is because they simply don’t want it or feel the need for it. As a consequence, they don’t feel even slightly compelled to buy it.

Deloitte study on consumer insurance

The title of the Deloitte study, “The Voice of the Life Insurance Consumer,” is a little troubling in that while consumers may have indeed lent their voices to Deloitte, the company and other captains in the industry may have either been a little tone deaf, or perhaps they only heard what they wanted to hear.

The survey was conducted to provide life insurers with insights into how people perceived the value of life insurance, including where coverage ranked among their other financial priorities, as well how consumers preferred to be reached.

“From our survey it is clear that life insurance is very much on the minds of many consumers,” said Rebecca C. Amoroso, Vice Chairman and U.S. Insurance Leader for Deloitte LLP. (Deloitte was of course the survey’s executive sponsor.)

While there is little data in their study which might actually suggest this, I support Ms. Amoroso’s natural inclination to protect the industry, and her six figured income (I’m only guessing). I would be inclined to replace the word ‘many’ with the word ‘some’.

Guest post by Nicholas for Structured Settlement of www.sellingyourstructuredsettlement.com

 
 
 

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