New research by LIMRA has found that members of the Baby Boomer generation in the U.S. are most likely to use online information when shopping for life insurance when compared to other generations.
The study found that 61 per cent of Boomers say they found online information “to be very useful”, compared with 58 per cent of Millennials and 54 per cent of Gen Xers.
Consulting family and friends
“Conversely, Millennial and Gen X consumers are more likely to consult with friends and family to learn about life insurance (26 per cent and 21 per cent respectively),” says LIMRA’s research. This may be because “younger consumers may have less familiarity with life insurance products and therefore, may feel more comfortable relying on people they trust rather than online sources,” suggested study researchers.
Working with a professional
The research also found that Millennials are more likely to work with a financial professional than older generations (38 percent of Millennials compared to 34 per cent of Gen Xers, 31 per cent of Boomers and 28 per cent of members of the Silent Generation). “While this may be contrary to what most people would think, it is a trend in the life insurance industry. The younger generations don’t always have as much knowledge in this area and often start out having more questions and working with a financial professional is the best way for them to learn and understand. The trend shows as the buyers age they feel more comfortable using other purchasing methods,” says LIMRA.
For more information on this topic, LIMRA members can consult The Purchase Funnel.