Consumers initiating life insurance purchases at record rate, study finds

November 28, 2022 by Doug Bailey

The old aphorism that life insurance is sold and not bought has been turned on its head partly as a result of pandemic-influenced buying habits and partly because of the technological ease with which policies can now be purchased.

This is according to a new J.D.Power study of the life insurance business that found customers are initiating the purchase of life insurance much more frequently than before. The study, based on nearly 7,000 consumer responses in July and August, found industry-wide quote rates, which rose last year for the first time in 30 years, increased another 9% this year, while buy rates have increased 13% as increasing numbers of consumers are seeking life insurance policies.

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Originally Posted at InsuranceNewsNet on November 23, 2022 by Doug Bailey.