A new LIMRA report drives home the points revealed in Genworth's 2011 LifeJacketSM Study: Half of the 35 million middle market households in the U.S. are thinking they may be ready to buy life insurance in the next year.* Selling to the under- and uninsured life insurance market represents a huge opportunity for financial professionals.

LifeJacketSM Study Outlines the Need

 Reaching the under-insured Middle Market segment will require new strategies, like tapping advisors who may not typically sell life insurance. Genworth's LifeJacket Study found that consumers have specific ideas about what they expect from their advisors:

• 66% of consumers believe that a financial advisor should offer life insurance as part of their overall financial strategy
• 60% of respondents who own life insurance want to meet with their advisor at least once a year
• 77% indicated that they don't expect their annual review to be a lengthy meeting - an hour or less will do  

Knowing what clients want will help advisors better meet those expectations. But the LifeJacket Study revealed other useable insights that can also help financial professionals reach more customers successfully. A few key findings:

• The time between a life event and purchase varies more widely than advisors may think

• The cost to have "enough" coverage may discourage families from buying at all

• Clients deserve and expect more than a simple formula to determine coverage

• Advisors can develop stronger, longer-lasting relationships through annual client reviews.  Encourage them to review the LifeJacket Study and use it to guide their life insurance discussions with clients. 

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