Without a doubt one of the most important purchases a person can make if life insurance. It protects not only your estate, but loved ones in the event of your untimely death. How you can purchase life insurance is changing as we become more and more dependent upon the internet and computers. Most people still use an agent.
The Insurance Information Institute (I.I.I.) wants you to know how to purchase this important insurance.
Life insurance was once sold primarily by career life agents, captive agents that represent a single insurance company, and by independent agents, who represent several insurers. Now, life insurance is also sold directly to the public by mail, telephone and through the Internet. In addition, in the 1980s insurers began to market annuities and term life insurance through banks and financial advisors, professional groups and the workplace. A large portion of variable annuities, and a small portion of fixed annuities, are sold by stockbrokers. In 2011 independent agents held 49 percent of the new individual life insurance sales market, followed by affiliated (i.e., captive) agents with 40 percent, direct marketers with 4 percent and others accounting for the remaining 7 percent, according to LIMRA
One in four adults (25 percent) would prefer to purchase life insurance directly via the Internet, by mail or over the phone, according to the 2011 Insurance Barometer study by the Life and Health Insurance Foundation for Education (LIFE) and LIMRA. Sixty-four percent would prefer to buy their life insurance from an insurance or financial professional, down from 80 percent in 1996. Younger consumers showed the most interest in purchasing life insurance through the Internet. Among people age 25 to 44, 31 percent said they would prefer to buy directly, with three in four of those individuals citing the Internet as their preferred means of direct buying.
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