Editor’s Note: This is the fifth installment of a six-part series on threats to the independent life insurance distribution channel, running in each issue of Life Insurance Selling through the remainder of 2012. To read previous installments, use the links below.
- Part I: Facing up to a graying producer workforce
- Part II: The impact of a universal fiduciary standard
- Part III: Competing against alternative distribution channels
- Part IV: The dangers of ignoring the middle market
- Part V: Combatting consumer apathy
- Part VI: Emerging technology and the future of distribution
Consumers are focused on other financial priorities
According to the nonprofit LIFE Foundation and LIMRA’s 2012 Insurance Barometer Study, nearly a third of all consumers believe they need more life insurance.
People don’t understand life insurance
Most life insurance policy owners neither read nor fully understand their policies, and they have little interest in voluntarily acquiring additional information. Getting people who don’t own life insurance to understand what they’re being asked to buy is another big challenge.