As consumers search for the best available financial deals, a recent Prudential Financial survey indicates two-thirds of consumers believe traditional life insurance protection is one of the safer financial products on the market. What does that mean for insurance agents? There are plenty of life insurance prospects out there waiting to be turned into policies.
The survey, which can provide valuable information for agents in obtaining life insurance leads, also reports the present market conditions reinforce consumers' needs to have life insurance. Still, less than one-quarter of policyholders have actually taken the time to review their coverage meaning that life insurance prospects can be converted into policies with a little convincing.
More survey details, which can assist agents in tracking down leads for insurance agents, shows that two-thirds of consumers note the market's ups-and-downs have reminded them of their appreciation for life insurance coverage.
As agents look for new life insurance leads, an interesting nugget, however, is that only one quarter (24 percent) of those consumers has taken time to review their coverage and even fewer have changed their policies.
In comparison to a year and a half ago, approximately half of those surveyed feel less confident that financial vehicles like stocks and bonds or the home equity they may have gathered will suffice their retirement goals, outpace inflation or offer a comfortable nest egg.
Finally, 78 percent of those surveyed are equally or more confident their life insurance death benefit will be there in order to protect loved ones.
According to Hug, "Unemployment concerns are also having an impact."
Two-thirds of consumers surveyed understand they require individual coverage in addition to that offered through an employer. Still, 55 percent have two times their annual income or less aside from coverage they receive at work, the survey shows.
As agents search for new life insurance leads, knowing the pulse of life insurance prospects will aid in this endeavor.
Taking a Pulse of American's Changing Life Insurance Needs polled 1,000 Americans about the effects of the market downturn and their life insurance knowledge, attitudes, ownership and what actions they have taken. The margin of error is +/-3% at a 95% confidence level. Study participants are a national sample of male and female sole/joint heads of households between the ages of 30 to 59, with a 2008 household income of $50,000 or more and at least $25,000 in total savings and investments.