Life Insurance
Each day, more consumers are understanding the value of life insurance as this product has diversified over time. With different uses, life insurance can leave a legacy, pay for potential long-term care, and even be used as a loan if an unforeseen, tragic life event occurs. That's why AIP Marketing Alliance has focused on contracting with top-rated insurance carriers to find products that fit almost every situation possible.
Life Insurance
Each day, more consumers are understanding the value of life insurance as this product has diversified over time. With different uses, life insurance can leave a legacy, pay for potential long-term care, and even be used as a loan if an unforeseen, tragic life event occurs. That's why AIP Marketing Alliance has focused on contracting with top-rated insurance carriers to find products that fit almost every situation possible.
Life Insurance Trends
- Among life insurance owners, 21 percent say they do not have enough coverage.*
- Non-owners who say that they need life insurance represent 30 percent of all respondents, similar to 2022.*
- The percentage of Americans with a life insurance need-gap rose sharply in 2020, and has not ebbed since the generally accepted end of the COVID-19 pandemic in 2022.*
- Women (49 percent) are less likely than men (55 percent) to have life insurance. This self- reported gender gap has persisted over the 13 years of the Barometer Study.*
- Black and Hispanic Americans report higher need for life insurance protection than other groups.
How can AIPMA help you sell to this growing consumer market and better target your clients?
*2023 Insurance Barometer Study, LIMRA and Life Happens
Available Products
Through our life insurance carrier relationships, AIP Marketing Alliance supports multiple life insurance products for independent wholesalers and agents. Based on your client needs, AIPMA can direct you toward:
- Permanent life insurance products (like whole life, universal life or indexed life) geared toward lifetime coverage, cash savings/accumulation investment component, and death benefits. For some permanent life policies, the policy owner may borrow against the policy tax-free;
- Term life insurance products focus more on protection for your dependent(s) and a death benefit payout to your dependent(s) over a specified period without building cash value.
Remember, a life insurance policy can replace a client’s lost income, pay for a home mortgage or other debts, cover funeral and burial costs, provide an education, support their retirement income needs, cover estate taxes, or even become a donation to their favorite charity organization.
Each client’s situation is different. AIPMA has an experienced Business Development team to discuss product differences, answer questions, and generate illustrations to help you show life insurance product options to your clients. Contact our Business Development Team at (800) 783-5206, Prompt 2 or marketing@aipma.com.
AIPMA Resources
- Lead Programs: Your one-stop-shop for high quality leads! As the leading independent distributor of life and health insurance leads and products, Integrity's centralized approach allows agents a platform for growth, connecting you with lead providers from a variety of sources. Register for Integrity's LeadCENTER with your NPN number. NOTE: You must be an agent contracted with AIP Marketing Alliance to use this resource.
- Website/Portal: Supported by AIPMA’s myAIP CRM, wholesalers can customize a website portal to provide secure access to AIPMA’s life insurance quote tools and resources.
- Term Quotes: Leveraging the iPipeline platform, you can generate comparable term life quotes and guaranteed universal life illustrations from multiple AIPMA contracted carriers using your PC, laptop or mobile device.
- Single Premium Life Comparison Chart: This at-a-glance tool highlights the differences between AIPMA contracted carriers and their SPL products.
- Term Conversion Comparison Chart: This document compares Term Life Insurance products from AIPMA contracted carriers showing the years for minimum conversion period, conversion to any permanent product, conversion-only product or limited selection, optional rider changes conversion, and non-convertible level term duration.
- Questionnaires: AIPMA has developed white-labeled questionnaires designed to assist our contracted carriers during the application review process. We provide these documents to our members/agents that cover topics including medical conditions and lifestyle habits as a “pre-screen” concept.
- Life Policy Reviews: Typically, a planned or unscheduled “life event” also tends to affect a person’s or a family’s needs for life insurance. AIPMA provides life insurance policy reviews packets to help your clients assess their coverage option every few years. As your clients’ lives change, so do their needs for a life insurance product.
Life Insurance Statistics
- Overall, self-reported life insurance ownership rose from 50 percent in 2022 to 52 percent in 2023.*
- The majority of Gen Z has now aged into the Barometer Study sample and are showing interest in life insurance. While self-reported ownership remains low at 40 percent, half report a need-gap (49 percent), which suggests an early awareness for life insurance products.*
- 69 percent of life insurance owners feel secure versus 49 percent of non-owners, a 29 percent difference.*
- Perceived cost is cited as the top barrier to purchase life insurance. However, only a quarter (24 percent) of all respondents correctly estimated the true cost of a term life insurance policy. Year after year, consumers greatly overestimate the cost of life insurance.*
- A quarter of the three younger generations cite “lack of knowledge about life insurance products” as a reason not to own.*
- The top reason single mothers cite for owning life insurance is to cover final expenses. Research shows single mothers have a heightened sense of financial concern, sometimes nearly twice as much as the general population.*
*2023 Insurance Barometer Study, LIMRA and Life Happens
Are You Looking for a Specific Life Insurance Carrier?
AIP Marketing Alliance is contracted with more than 60 insurance carriers (and growing!) so we can help you and your downline agents find a life insurance carrier. Our Case Management team can help guide you through the electronic contracting process.
Contact us at chrish@aipma.com or give us a call (800) 783-5206
Is Your Agency Selling Life Insurance Products?
Why not? By adding a new product line, your agents can see how cross-selling to current clients also can attract prospects. AIPMA will work with you and your agents to get them contracted to sell life insurance. Simply click the button to the right to schedule a conversation with our Vice President of Business Development, Chris Howe.
Contact Us
800.783.5206
2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
About Us
For more than 40 years, AIP Marketing Alliance (AIPMA), an Integrity Company, serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR THE MEDICARE PROGRAM. Copyright 2024