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Lies, damn lies, and statistics…

September 16, 2011
We’ve all heard the phrase that “figures can lie and liars can figure.” But sometimes statistics can be so compelling that you just have to take them seriously. For instance, take a look at these compiled by LIMRA and the LIFE Foundation:
  • 64% -- Consumers in 2011 who prefer to buy life insurance from a professional
  • 80% -- Consumers in 1996 who preferred to buy life insurance from a professional
  • 31% -- Consumers aged 25-44 that prefer to buy direct (Internet, other means)
  • 63% -- Adults who say they own life insurance
  • 80% -- Purchases of life insurance in which the Internet played a role
  • 26% -- Adults that choose to buy via the Internet, mail, or phone
  • 74% -- Percentage of the above adults citing the Internet as the preferred purchasing means
So what’s it all mean? I’m not going to predict the demise of the traditional life insurance sales force, but I will venture a guess that those organizations – societies and their agents – that don’t offer consumers an option to purchase products on the Internet are going to see current members walk out the door and miss the opportunity to bring in new members. Want to learn more about the “magic bullet” of the Internet? Check out this article