A growing number of consumers are researching individual life insurance and annuity products online, according to a new survey from LIMRA, a global research and consulting group that tracks the life insurance industry.
Sixty-one percent of consumers said they looked online for information about the products this year, compared to 38 percent six years ago.
Consumers said they went online to research companies and their product offerings, get general information about products and compare prices.
A quarter of survey respondents said websites were their most valuable sources of information for life insurance and annuities, compared to 18 percent in 2006.
The perceived value of insurance professionals dropped. This year, 37 percent of consumers rated insurance professionals as most valuable, versus 45 percent in 2006. Still, 69 percent of consumers sought information from agents, brokers and financial advisers.
Meanwhile, 16 percent rated the workplace as the most valuable source of information. Only 14 percent of consumers who recently researched individual life insurance or annuities used neither the Internet nor insurance professionals.
Not surprisingly the survey results varied by generation. Younger consumers relied on Internet sources more than older consumers.