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
- Almost 50% of American adults report that they would feel financial hardship within six months if a primary wage earner were to pass away.*
- Among life insurance owners, 22% say they do not have enough coverage.*
- Women (50%) self-report much lower knowledge about life insurance than men (63%).
- Women (46%) are less likely than men (57%) to have life insurance. This self-reported gender gap has persisted over the 14 years of the Barometer study and the 11-point difference matches the largest it has ever been in the entirety of the study.*
- 59% of Americans say they use social media when seeking information on financial or insurance products.
How can AIPMA help you sell to this growing consumer market and better target your clients?
*2024 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 has remained stable with 51% reporting they own at least one policy.*
- Gen Z uses social media over 50% of the time versus traditional company websites when researching financial or insurance topics.*
- The perceived cost is cited as the top barrier to purchasing life insurance. However, about three quarters (72%) overestimated the true cost of a basic term life insurance policy. Year after year, consumers greatly overestimate the cost of life insurance; notably over half of Gen Z and Millennials combined overestimate the cost at over three times its actual price.*
- The top 3 reasons for not owning life insurance (or more of it): 1. Too expensive; 2. Other financial priorities; 3. Not sure how much they need/what type to buy.*
- 42% of American adults say they need life insurance, or more of it, representing a life insurance need-gap for about 102 million adults. This is a two-point rise from 2021. *
*2024 Insurance Barometer Study, LIMRA and Life Happens
Are You Looking for a Specific Life Insurance Carrier?
AIP Marketing Alliance is contracted with more than 70 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