Half of all consumers are interested in increasing or buying life insurance, but they are 90% certain that they don’t want to do business face-to-face.
That is according to a survey conducted at the end of March, as COVID-19 and lockdowns were spreading nationally.
Young people were also more interested in life insurance. With 37% of respondents age 18 to 39 likely to buy or increase life insurance, they doubled the percentage of those 40 and over who were interested in buying or increasing at 19%.
Nearly nine out of 10 consumers of all ages did not want to go to an agent’s office, with 89% saying they would shop online.
But when it came to filling out documents, only 8.95% of the respondents said they were OK with going to an office.
Consumers at that time were already cutting expenses, with 64.5% trimming their personal spending. Even at that point, they were not likely to have many spending opportunities, considering 82% were afraid to leave their homes. More than half (56%) were worried about their finances.
In that first month of lockdowns, 24% contacted insurance across all lines with concerns about coverage. Only 27% were considering reducing their auto coverage because they were not using their vehicles as much…Read more>>