Reasons Consumers Give for Not Wanting Life Insurance
With Life Insurance Awareness Month in full swing, AIP Marketing Alliance knows you are promoting the values of life insurance to your clients. Today’s life insurance policy may have better features to fit their needs now than the “old” life insurance policy they have from years ago.
During your life insurance policy review, they may come up with a bunch of different reasons why they don’t want to change their coverage – even if they possibly need additional coverage based on life event changes or an outdated policy.
AIPMA wants to help you prepare for the potential responses as the 2021 Insurance Barometer from LIMRA surveyed consumers on why they may not want more life insurance coverage. So we are sharing those results with you.
- 72%: It’s too expensive
- 64%: Other financial priorities right now
- 56%: Not sure how much I need or what type to buy
- 49%: Haven’t gotten around to it
- 46%: Don’t like thinking about death
- 35%: Would not qualify for coverage
- 34%: No one has approached me
- 34%: Not offered by my employer
- 31%: Do not trust insurance companies
- 31%: Do not trust insurance agents/financial advisors
Some of these responses are difficult to navigate around, but that’s why it is important to keep in contact with your clients. If your clients haven’t been approached or are unsure how much they need, you can eliminate those issues and reconnect with a simple policy review on an annual basis.
Do you need some policy review materials? AIPMA has forms to start the conversation, and our team also can share some carrier-approved documents to help you out. Contact our Business Development team at (800) 783-5206 Press #2 or email marketing@aipma.com.
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For more than 40 years, AIP Marketing Alliance (AIPMA) 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. Copyright 2023