In a time where we can have almost anything by simply tapping a small electronic device, many consumers have adapted to a “quick and easy” world. But at what point is quick and easy not the right decision and when should a consumer be okay with that?
Life insurance is a valuable tool in a family’s overall financial/risk management plan and the “quick and easy” message is the driving force around the industry’s focus on a simplified issue product. But how effective is it? According to a recent study conducted by LIMRA, this “quick and easy” messaging actually doesn’t resonate with many individuals and in fact, could backfire if insurers aren’t careful. The study finds that consumers who received the “quick and easy” message rated it as the least effective message when deciding whether or not to purchase life insurance.
Additionally, the study found that 73 percent of consumers said an acceptable wait time to receive a life insurance policy was two weeks.
Before sending out the “quick and easy” message, take time to get to know your applicants and listen to what their life insurance needs really are.