The truth may surprise you.
Millennials – people ages 19 to 37 – are universally known as the generation to fully embrace technology and digitization. Following the lead of online retailers like Amazon, many companies and organizations are taking their business to the internet in hopes of boosting their sales to the millennial demographic. But even though online shopping is trendy and rapidly growing, some purchases just aren’t meant to be made in the virtual world, and millennials know it.
Online life insurance sales are on the decline. According to the 2019 Insurance Barometer Study survey by the Life and Health Insurance Foundation for Education (LIFE) and LIMRA, online life insurance sales reached a plateau with about 31 percent of respondents opting to buy their policies online. From 2017 to 2018, there was approximately a six percent decrease in the number of consumers visiting websites to seek information about obtaining life insurance.
So, what can we gather from these statistics? It turns out millennials aren’t ready to give up personal contact with professionals just yet. As a matter of fact, nearly 73 percent of millennials surveyed by LIFE and LIMRA believe that interacting with a life insurance agent or broker prior to choosing and purchasing a policy is important. In a world where everything you could ever need is just a click and two days’ worth of shipping away, it seems millennials would prefer to consult with an expert in real life about their decision instead of simply adding a life insurance policy as another item in their cart online.
Will the trend in online life insurance sales continue downward this year? Let us know what you think!