Life insurance calls
for a personal touch
While Canadians buy nearly $19 billion in
goods and services online, one product that
has fared less well on the Internet is the sale
of life insurance, where most buyers seem to
prefer a personal touch. A recent survey by
the Life Insurance Market Research Association
(LIMRA) indicates that 76% of Canadians
prefer to buy life insurance face-to-face.1
Why is this? Probably because life
insurance is typically a personal, highly
customized product. Your employment
conditions, financial situation, family
obligations and life expectancies are unique.
This means life insurance advice may be
diffcult to dispense via a call center operator
or based on an online checklist.
The LIMRA study measured long-term
patterns in life insurance ownership,
adequacy of coverage and consumers'
attitudes about insurance. For example, it
found that demand for insurance remains
high, even though just over two-thirds (68%)
of Canadian households have life insurance.
In fact, six million Canadians believe that
they need more.
In many cases they are right. Married
couples with children under 18 were found to
have less insurance coverage than they may
need for their protection. Three out of four
people surveyed said they would have trouble
meeting current expenses if the family's
primary wage earner were to pass away.
Do you have enough insurance to
provide your family with the protection you
want them to have? Talk to us to make sure.
And, judging from the survey results, you
may prefer to chat in person, rather than
text, tweet or email - which is fine by us.
1 LIMRA, 2013 Canadian Life Insurance Ownership Study