A recent LIMRA study revealed that 76% of Canadians would prefer to buy life insurance face to face in the future as opposed to buying from work, on the Internet, by direct mail or by phone.
That was one of the key findings from the 2013 Canadian Life Insurance Ownership Study, which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers’ attitudes about life insurance.
“Our research found that six million Canadians believe they need more life insurance, and three-quarters of those we surveyed would prefer to buy it face to face,” says Cheryl Retzloff, senior research director for LIMRA.
Of the one in four Canadian households that prefer to purchase through non-face-to-face methods, the Internet was the most popular (11%), followed closely by workplace and by phone or mail. By comparison, in the United States, 43% say they prefer to buy through the Internet or by mail or phone.
The survey also finds that only 68% of Canadian households have any life insurance at all, compared with 79% in 2006.
Since 2006, the last time LIMRA conducted this study, Canadians have lived through a recession resulting in less discretionary income for most people, she adds. “Given that environment, it’s not surprising to see overall life insurance ownership decline.”