Agent’s Sales Journal and Agent Media, products of Summit Business Media’s Life and Health Insurance Network, announced the results of the 2011 Life Insurance Market Study in the July issue of Agent’s Sales Journal. This year’s study is a result of a collaborative effort between Agent’s Sales Journal, Agent Media, and the LIFE Foundation.
The annual Life Insurance Market Study asks agents nationwide about their experiences in the life insurance market. Producers were randomly selected from Agent Media’s database of 1.8 million life, health and annuity agents, and were asked about their challenges in the market, their most valuable lead resource for new prospects, the type of life insurance they sell the most, and more.
“As the results show, agents are looking forward to a significant rebound in the life insurance market in 2011, and say they’re feeling good about the year ahead, especially when it comes to sales of term life,” explained Andy Stonehouse, editor of Agent’s Sales Journal. “The survey also demonstrates the importance of educating clients on their potential life insurance needs, and to prompt them to act earlier, rather than later.”
Highlights of the 2011 Life Insurance Market Study include:
- 53% of agents say Term Life is their top selling product, making it the bestseller
- Despite studies showing that active life insurance policies had reached new lows, 2010 was a strong sales year, with 38% of agents saying their sales increased last year.
- 76% of agents expect sales to increase in the coming year
The top challenges facing the industry involve consumer awareness. These challenges include:
- 56% say their clients procrastinate
- 36% agree that clients don’t recognize the need for life insurance
- 38% say their biggest challenge is prospecting/finding new clients.
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Twenty years ago, Agent Media set out to build a reliable database and marketing solutions company to serve the life, health, and annuity segments of the insurance industry. Today, the database has grown to over 1.8 million producers, representing nearly every licensed agent and registered representative in the U.S. Agent Media is now the industry leader — a one-stop marketing resource for a wide range of direct marketing needs.
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