Insights | 10.14.20
Pandemic Hasn't Driven Consumers to Buy More Life Insurance, Study Says
The 200,000-plus U.S. deaths and uncertainty associated with the Covid-19 crisis have not moved people to run out and buy life insurance, according to the J.D. Power 2020 U.S. Life Insurance Study. The study, based on responses from 5,469 individual life insurance customers and 3,674 annuity customers and fielded from June through August, found that the number of customers without life insurance who considered purchasing a policy remained largely static, hovering around 40 percent, during the during the height of the pandemic in March and April. At the same time, a majority (70 percent) of life insurance customers said their perceptions of their life insurance provider were unchanged by current events. Customer satisfaction overall for life insurance providers scored 763 (on a 1,000-point scale), up just two points from 2019; and annuity customer satisfaction scored 778, also two points higher than last year.
Read the full article on Financial Advisor.