Face-to-Face

LIMRA is out with a new study this week looking at Gen-X and Gen-Y and their approach to life insurance. Perhaps suprising for a group that grew up with texting, the Internet and video games, face-to-face interaction with a financial expert is still a key difference between those who take advantage of life protection and those who do not.

From InvestmentNews:

Advisers can play a pivotal role in convincing this market that life insurance is a good idea. Indeed, one out of four of the surveyed consumers said that they began shopping for coverage because an adviser had suggested they needed it. What's more, 57% of the underinsured adults said that they were more likely to commit to coverage if they could confide in the adviser.

These numbers from LIMRA echo CFS's own work on working class and minority communities. They also cut to the heart of why CFS is working to make sure all communities have access to qualified financial advice. As the financial industry has focused more and more on wealthy clients, it is important that those who will serve the middle-market enter the profession.