Just as you keep up with your sports teams facts and figures, you need to keep up with your industry’s statistics. If you haven’t digested some of the information that has become available this past year, take a moment to learn more about the state of the insurance industry in 2020. With this information in hand, you can better determine when, where, and how to get new insurance leads.  

Life Insurance Ownership Statistics  

• 57% of Americans have some form of life insurance in one form or another. 

• 32% of adults that are insured limit their participation to a group plan via an employer or other organization.  

• Over the past decade, individual life insurance policies have remained the same or increased whereas group policies have decreased.  

Purchasing Life Insurance Statistics  

• 50% of American adults research purchasing life insurance online every year. 

• 30% of adults are comfortable with polring life insurance policies completely online without the assistance of an insurance agent.  

• 70% of individuals seeking to purchase a policy stated they would be comfortable paying a higher premium for a non-exam life insurance policy.  

Life Insurance Coverage Statistics  

• 37% of surveyed Americans stated the reason they purchased a life insurance policy was to obtain income replacement.  

• 30% of life insurance purchasers ultimately decided to buy their policy to cover funeral and burial costs.  

• 33% of Americans purchase life insurance because of the tax advantages that are available to them.  

• 10% of life insurance policy holders purchased cover to protect a business, the owners, or the employees.  

Impacts of COVID-19 On Insurance Statistics 

It is no secret that COVID-19 has had an impact on every economy in the world. Some accelerated by others continue to struggle to get through the year. Fortunately for the insurance industry, the latest reports do not report a significant loss. In fact, recent studies show that premiums income is only expected to shrink by 3.8% due to COVID-19. Compared to other industries that are losing more than 60%, the insurance industry will continue to thrive.  

Furthermore, reports show that the expected rate of growth for the insurance industry in 2021 is 4.4%. COVID-19 has shown that the industry must move in a more digital direction. Fortunately, modern tools make it easy to keep in contact with insurance leads as we continue through 2020. 

Set Yourself Up For An Exceptional Year in 2021  

With this information in hand, you can understand the state of the insurance industry at this very moment. It is important to remember that we will recover as individuals and the economy will repair itself in time. You can help prepare yourself for an exceptional year in the number of policies you sell in 2021 by getting your insurance leads through us. We provide only the highest quality leads. Please contact us today to learn how easy it is to get a better, strong insurance lead list.