Disability Insurance: Why Not?

Transcription

1 Full Report Disability Insurance: Why Not? Why People Shop For and Buy Individual Disability Insurance Karen Terry Product Research (860) Ken Isenberg Staff

2

3 Disability Insurance: Why Not? Why People Shop For and Buy Individual Disability Insurance Karen Terry Product Research Ken Isenberg Staff 2011, LL Global, Inc. SM This publication is a benefit of LIMRA membership. No part may be shared with other organizations or reproduced in any form without LL Global s written permission ( OE9)

4

5 Contents Overview... 5 Recommendations... 7 Buying Opportunities... 8 Who Has the Opportunity to Buy?... 8 Methods of Approach... 9 The Shopping Experience Triggers Shopping and Buying Methods The Face-to-Face Experience Barriers to Purchase Conclusion Methodology , LL Global, Inc. SM 3

6 Tables and Figures Table 1 Opportunity to Buy... 8 Table 2 The Demographics of Opportunity... 9 Table 3 Percent Who Shopped by Approach Method Table 4 Most Important Reasons for Shopping Table 5 Sources of Information Table 6 Shopping Method Table 7 Relationship With Advisor Table 8 Opinion of Advisor Table 9 Disability Needs Table 10 Difficulties Experienced Making the Buying Decision Table 11 Needs Analysis Table 12 Why People Do Not Buy Table 13 What Would Make Nonbuyers More Likely to Buy? Figure 1 Method of Approach Figure 2 Number of Information Sources Used Figure 3 Other Sources Cited by Those Using Online Information Figure 4 Purchase Method , LL Global, Inc. SM 4

7 Overview Consumers in the current economic environment have limited pools of money to draw from for everyday expenses and financial products. Prior LIMRA research has shown that consumers do understand the need for disability insurance and feel that it is an important piece of a good financial plan. 1 The challenge for the industry remains how to reach a larger customer base with the current pool of disability agents and brokers or how to expand the pool of disability agents and brokers. To reach more customers it is important to understand who shops for disability insurance, why they shop, and where and how to reach them. The following information is from LIMRA s U.S. Disability Buyer-Nonbuyer study, which explores why consumers shop for disability insurance, experiences with the shopping process, and why some people do not buy. Some key findings: The opportunity to buy disability insurance is not equal for everyone. Men are more likely to be approached than women. Those with higher incomes have more opportunity than those in the middle- or lower-income ranges. Given the historical target markets for disability insurance this isn t too surprising. Shopping is a relative term. To those of us in the insurance industry shopping means having contact with an insurance company or professional and/or submitting one or more applications. The definition of shopping for consumers is much broader. A small group whose entire shopping experience has consisted of searching for information on disability insurance online consider themselves shoppers. Others who receive information in the mail consider this an approach to purchase. Neither of these groups has a high purchase rate. For most disability shoppers, however, the Internet is just one information source among many. In fact only one quarter of the 32 percent of shoppers who used the Internet as a source cite this as their only source. Over half used three or more information sources. Contrast this with shoppers overall, who use far fewer sources of information (half use only one source). Historically people have shopped for disability most often because of health concerns, and this is still the case. Half of buyers and two thirds of nonbuyers shopped for IDI because of either concerns with their own health or experiences with friends or relatives. This, unfortunately, is not the time to shop for insurance. The industry still needs to do a better job reaching people before they have problems that would put coverage out of reach U.S. Individual Life Ownership Study and 2010 Life Insurance Barometer 2011, LL Global, Inc. SM 5

8 Advisors are driving only about one third of disability shopping, which is far too low. Contact by an advisor is especially important, as the majority of disability sales are still made face to face or through the workplace. Some significant barriers hinder purchase during the decision-making process for buyers and nonbuyers alike. The majority of all shoppers have difficulty understanding the product, which products and how much coverage they need, and whether the policies are worth the premiums they would pay. Shoppers who are still making their decisions are more confused than others. Those who ultimately decide not to buy report a slightly lower level of confusion on some concepts, especially the policy cost. Not surprisingly the main reasons this group decides not to buy are that the premium was too expensive or that they did not qualify for coverage. 2011, LL Global, Inc. SM 6

9 Recommendations Continue to look for ways to reach a broader audience. With only one quarter of the population having the opportunity to buy disability insurance in a given year, a lot of market potential is currently untapped. Nonface-to-face methods of contact that have the highest success rates are seminars, the Internet, phone, and workplace contacts. Each of these has some personal contact associated with it, which can bridge the trust gap with consumers, but still is less costly than one-on-one meetings. Encourage advisors who are meeting with customers face to face not to rush the process. Disability insurance is a complex product and consumers are understandably confused. Most people don t decide not to buy the product because they don t feel the need. If they take the time to shop they have some understanding of how the product could benefit them. Consumers don t buy because they don t understand the product and are afraid of making decisions they will regret later. The chief complaint by nonbuyers is that their advisors did not follow up with them while they were deciding. Buyers are twice as likely as nonbuyers to have received needs analyses, and a significantly higher percentage of buyers than nonbuyers feel that their advisors spent a lot of time trying to determine their needs. Encourage advisors to approach their customers. Shoppers are more likely to cite health issues and inadequate benefits at work as triggers for shopping than any form of prompting from an advisor. This demonstrates the continued struggle to get producers to offer the product to their customers. And advisors are not cross selling. Only 17 percent of people who shopped for disability insurance did so because they met with their advisors about other products. Distribution continues to be a major issue in disability sales and will be for the foreseeable future unless carriers can find a solution. Expand and monitor your Internet presence. While most sales are made face to face and more nonbuyers than buyers use the Internet as a source, one third of all people who shop for disability insurance and one quarter of people who ultimately buy policies search for information online. The Internet has become another commonly used information source equal among buyers to financial advisors and more frequently used than employers or friends and relatives. It is also a way to drive customers to advisors in a cost-effective manner. 2011, LL Global, Inc. SM 7

10 Buying Opportunities Who Has the Opportunity to Buy? A key to the purchase of disability insurance is having the opportunity to buy the product in the first place. This opportunity can be the result of contact by financial professionals, or of having the resources available to both make consumers aware of the need and availability of disability insurance and allow them to gather information about the product. The opportunity to buy individual disability insurance has been consistently low for most of the population. Fewer than 20 percent of consumers recall anyone in their households having been approached about disability insurance in the past year. The fact that only 5 percent of the population takes the initiative to shop for disability insurance on their own leaves three quarters of U.S. households without opportunity to purchase coverage. While being approached doesn t guarantee purchase, it does more frequently result in sales. Nearly half of the people who shop for disability insurance after initial approaches (from agents or brokers or by other direct means) go on to purchase coverage, compared with a little over one third of self-initiated shoppers. In part this is because many self-initiated shoppers never make it past the online research stage. One third of all self-initiated shoppers and more than half of those who did not buy shopped on the Internet and had no face-to-face interaction with insurance professionals. While a very small proportion of self-initiated nonbuyers did speak with professionals, the majority gathered information only from the Internet or friends and relatives. Table 1 Opportunity to Buy Percent of households Percent buying Recall being approached about disability insurance 19% 16% Shopped for disability insurance, approached and self-initiated After being approached 6 49 Self-initiated 5 38 Total , LL Global, Inc. SM 8

11 In addition to the low percentage of the population with opportunities to buy, not all people have equal opportunity. Men are more likely than women to be approached to purchase disability insurance. Higher-income households are more likely to have opportunities to buy than are middle- or lower-income households. What is surprising is that people ages 55 to 64 are more likely to recall being approached than are younger consumers. At 55 people do still have 10 or more years until retirement; however, about 20 percent of consumers over age 60 recall being approached as well. This group may be included in workplace offerings through their employers, although voluntary disability products generally provide reduced benefits over age 65 and are often age banded, and thus expensive for older buyers and not as appealing as for younger people. 2 Some of these older consumers may have the product confused with another. Table 2 The Demographics of Opportunity Approached Gender Male 22% Female 17 Age 18 to 34 18% 35 to to to Household Income Under $40,000 15% $40,000 to $99, $100,000 and over 24 Methods of Approach Consumers are subjected to marketing from an ever-increasing variety of sources. An approach to buy insurance does not necessarily refer to contact with an agent or sales representative in person or over the phone. In fact, the method of approach most frequently cited is mail. This could take the form of impersonal mail pieces such as advertising inserts in coupon mailings or more personal methods such as letters from advisors or carriers. 2 Voluntary Long-Term Disability Practices, LIMRA, , LL Global, Inc. SM 9

12 Figure 1 Method of Approach Mail 39% Meeting at work Face to face Phone call Information at work 13% 11% 9% 9% 8% Internet Advertisement Seminar Other 5% 3% 2% 1% While it is the most popular method of approach, mail is also the least effective. Nine in 10 consumers approached through the mail do not follow through and shop for coverage. More personal methods such as seminars and face-to-face meetings at or outside of work are much more successful, with at least half of consumers continuing on to shop. Interestingly, while only 5 percent of consumers recall Internet approaches, half who receive this approach shop for insurance. Given the prevalence of pop-up and banner advertisements, perhaps people who are interested in the product are simply more likely to notice the ads. Table 3 Percent Who Shopped by Approach Method Shopped Didn t Shop Mail 13% 87% Meeting at work Face to face Phone call Information at work Internet Advertisement Seminar , LL Global, Inc. SM 10

13 The Shopping Experience Triggers In the past, health concerns were the most common reasons consumers shopped for disability income insurance, and that is still the case today. Unfortunately this is not the ideal time to shop, as people with health issues are more likely to be uninsurable or to receive premium offers they consider too high. And, in fact, shoppers who do not buy are more likely than buyers to list health issues as one of their most important reasons for shopping. The second highest category of shopping triggers relates to the inadequacy or lack of benefits at work. This isn t surprising as, given the current economic environment, employee benefits such as disability insurance are increasingly in jeopardy. As of 2009 most employers were not dropping their disability benefits, so the greatest risk to employees is loss of coverage through layoffs. 3 Employers are concerned about the cost of benefits, however, and if the current economic environment persists they may take another look at the benefits they offer. This is less of an issue for those who ultimately decide not to purchase than for buyers or those still trying to make decisions. Not surprisingly, advertising catches the attention of some shoppers, but it has far less impact than the other reasons for shopping. Nonbuyers are more likely to say they shopped because they saw advertisements or saw disability insurance mentioned by advisors in the media. These shoppers most likely have reacted to recommendations by financial media personalities by searching for information (perhaps on the Web) and abandoned their attempts at that point. In fact nearly half of shoppers citing media issues use online information sources in searching for information. This group is also more likely to cite TV or radio programs as sources of information. The fact that only a third of shoppers are motivated by advisors and more than half by concerns with their own potential need for coverage tells us that there is still work to do in providing opportunities to buy disability insurance. The key is to reach these shoppers before they have health issues and potentially become uninsurable. 3 A Subtle Shift: Examining Employee Benefits in the Midst of Economic Uncertainty, LIMRA, , LL Global, Inc. SM 11

14 Table 4 Most Important Reasons for Shopping Buyers All nonbuyers Health issues 52% 61% Concern about personal health Relative or close friend became disabled Work-related issues 36% 35% Have inadequate benefits at work Started a new job with inadequate benefits 11 7 Lost group disability insurance 5 7 Advisor-driven issues 32% 23% Met about another product 17 7 Advisor contacted me Advisor suggested I need coverage 10 6 Media-driven issues 17% 25% Mentioned by advisor in media 9 11 Saw or received an ad 6 11 Saw disability insurance mentioned on the Internet 5 5 Shopping and Buying Methods In the information age the sources of information on any product consumers wish to purchase can seem limitless, and insurance is no exception. In spite of this wealth of information, the traditional sources of insurance information, agents/brokers and financial advisors, are still more likely to lead to sales. Disability agents or brokers are the top source of information for those who ultimately purchase policies, but the most frequently used information source for nonbuyers is the Internet. In fact, nearly half of undecided shoppers look for information online. While information is available on social media and blog sites and some carriers have begun to try to develop these media, the vast majority of shoppers are referring to insurance company websites or general financial websites (Motley Fool, Forbes, etc.) when they say they use online sources. 2011, LL Global, Inc. SM 12

15 Table 5 Sources of Information Buyers All nonbuyers Undecided Declined Disability agent or broker 31% 16% 18% 12% Insurance company Information online Financial advisor Employer Friends or relatives Financial seminar Print publications Online shoppers do not use that source exclusively, however. In fact online information gatherers are much more likely to use multiple sources of information. Online shoppers most often ask friends and relatives for advice. However, many seem to be using the Internet to supplement the information they receive from industry-related sources such as carriers and producers. As many nonbuyers who researched disability insurance online are still undecided, they may still be in the information gathering stage. The challenge will be to develop better methods to drive these shoppers to industry contacts who can close the sales. This will be an increasingly important challenge as the financial services industry follows trends for other products. A recent study by Pew Research Center shows that nearly 6 in 10 adults have researched products online in the past year 21 percent in a given day. 4 In fact this trend is going mobile. Two thirds of smartphone users have looked up information on the Internet from their phones for products they are considering purchasing and half have reviewed product descriptions. 5 While this behavior is more easily applied to consumer products, insurance shoppers still have many more options for instant access to information than ever before. 4 Attention Shoppers: Online Product Research, PewResearchCenter Publications Online Shopping Soars as Consumers Adopt Social Media and Mobile Technology as Shopping Tools, Research Alert, September 10, , LL Global, Inc. SM 13

16 Figure 2 Number of Information Sources Used Figure 3 Other Sources Cited by Those Using Online Information Friends/relatives 34% One Two Three 23% 22% 22% 17% 29% 49% All shoppers Used online information Insurance company DI agent/broker Books/periodicals Financial advisor 31% 26% 22% 19% Four + 12% 26% Employer TV or radio 14% 19%. Nonface-to-face shopping methods aside, face-to-face interaction is still the most common shopping method, especially among disability buyers. Face-to-face methods are the most common for nonbuyers as well, but a large percentage shop online without meeting face to face. This doesn t mean this group never interacts with agents or insurance companies. In fact some do list these as information sources. They may complete information forms online and then speak with agents or call center representatives over the phone or via . In-person contact isn t necessarily required anymore for person-to-person sales. Most, however, only look at information online, searching for information and not progressing any further in their quests. Table 6 Shopping Method Buyers All nonbuyers Face to face 74% 47% At workplace, employer endorsed At workplace, employer not involved 13 8 Outside of workplace Shopped online and then met face to face 5 8 Direct to carrier Online only , LL Global, Inc. SM 14

17 Face-to-face methods dominate purchases as well. Half of disability buyers say they purchased face to face while one quarter bought at the workplace. Shopping method doesn t necessarily correlate to purchase method. Some workplace purchasers may have used online enrollment through their employers and consider that Internet shopping. Others may have gotten information from their employers and ultimately purchased outside of the workplace. Figure 4 Purchase Method Internet, 7% Direct, 18% Face to face, 51% Workplace, 24% The Face-to-Face Experience For those shopping face to face the relationship with the advisor can be key. Disability buyers are more likely to have established relationships with the people who sold them the policies. Nonbuyers are more likely to have dealt with complete strangers. Buyers who have dealt with strangers are most often those who shopped at the workplace. In this case they may not have met the advisors, but the employer endorsement most likely carried some weight. Table 7 Relationship With Advisor Buyers All nonbuyers Primary financial advisor 26% 17% Someone I purchased financial products from before A complete stranger Someone recommended by a friend, relative Friend, acquaintance, or relative 9 12 Referred to him or her by another sales representative , LL Global, Inc. SM 15

18 The experiences shoppers have with their advisors also influence sales. Disability buyers are generally positive in regard to their advisors. Nonbuyers also hold positive attitudes toward their advisors, but less so. Trust seems to be the biggest issue among this group, as only half feel that the advisor had their best interests in mind and that the advisor was someone they could trust. This is probably the result of the lack of an established relationship between advisor and client. Fewer than half of either buyers or nonbuyers held negative opinions of their advisors. The most common complaint, especially among undecided nonbuyers, is a lack of follow-up during the decision-making process. Perhaps more contact would have converted some of these potential customers into sales. Table 8 Opinion of Advisor Positive opinions Percent Agree or Strongly Agree Buyers All nonbuyers Undecided Provided me with good information about the policy 86% 71% 70% Was knowledgeable about disability insurance Described what the policy would and would not do for me Describes the disadvantages and limitations of the policy Was someone I felt I could trust Spent a lot of time trying to determine my needs Had my best interests in mind Negative opinions Should have followed up with me, as I was still deciding 46% 48% 54% Seemed to want to sell to one specific person Tried to pressure me into buying Didn t consider what I could afford Didn t offer enough product choice , LL Global, Inc. SM 16

19 It is equally important for advisors to emphasize goals that are consistent with their clients concerns and to stress the importance of other needs the product can meet. Disability advisors appear to be doing well, both emphasizing the top goal of income replacement and raising additional goals that might not be top of mind when consumers start shopping, such as covering mortgage payments and supplementing group policies. The reasons buyers purchase their policies do match the needs that advisors are stressing. Table 9 Disability Needs Emphasized by advisor/rep Most important for shopper Why purchased To replace income if unable to work 63% 61% 72% To continue paying mortgage To supplement an employer-offered disability policy To continue saving for retirement To continue saving for children s education To replace another disability policy Business purposes such as buy-sell , LL Global, Inc. SM 17

20 Barriers to Purchase Insurance of any type has always been confusing for consumers. At least half of both buyers and nonbuyers have difficulty understanding the product or determining what or how much coverage they need. This confusion is probably one of the key drivers behind the delay in decision-making among undecided shoppers. This group has the most difficulty during the shopping process. Shoppers who decide not to buy have rates of difficulty similar to those of buyers, although they have less difficulty understanding the policy cost and more difficulty deciding whether they are getting their money s worth. Cost, rather than confusion, may have been the stronger factor in this group s decision not to buy. Table 10 Difficulties Experienced Making the Buying Decision Buyers All nonbuyers Undecided Declined Determining how much insurance to buy 63% 69% 74% 57% Determining whether I m getting my money s worth Understanding the options and details of the policy Determining which type of disability insurance to buy Selecting which company to buy from Determining whether the plan fits my budget Determining whether I really need to buy disability insurance Figuring out how much the policy costs One of the reasons behind the confusion over the amount of coverage may be a lack of analysis during the sales process. Buyers are more likely to have received needs analyses, most likely a result of the higher proportion of face-to-face sales. Only one third of nonbuyers had needs analyses during the process, although another third of undecided shoppers had at least had them in the past. The majority of those who decide not to buy had never undergone needs analyses. Given this group s preference for online information, access to easy-to-use financial calculators becomes highly important. However, 4 in 10 people who decline to buy had not had difficulty determining how much coverage to buy, so they may not have ever made it to that point in the process. 2011, LL Global, Inc. SM 18

21 Table 11 Needs Analysis Buyers All nonbuyers Undecided Declined Yes 61% 32% 35% 22% No, had been done previously No, never done Reflecting the difficulties they had understanding the product, half of nonbuyers did not purchase policies because they were confused or wanted to think about it more. This percentage was understandably higher among those who said they hadn t made decisions yet. Even among this group though, 4 in 10 didn t buy because the policy was unattainable, either for cost reasons or because they were uninsurable. Perhaps cost is the reason they want to think about their decisions more. Perhaps they intend to price shop for better value. Fortunately fewer than one third of undecided shoppers do not see a need for disability insurance after the shopping process. Nonbuyers who had made the decision not to buy are most likely to say the policy was unattainable, with the main reason being cost. They also were less likely to feel that they needed coverage. This group is older and less affluent than the others. They also shopped mainly because of concerns with their health. Because of this, it is not surprising that they found themselves unable to buy. Some also may have decided, after learning more about the product and the fact that it replaces earned income only to a certain age, that they really don t need disability insurance. This may very well be true if they actually are retired or close to retiring. Given the current economy and the increases in the age for Social Security eligibility, however, many may still work for a decade or two. The most accessible coverage option for older employees would be voluntary disability products through their employers. However, most products provide either reduced or no benefits to workers over age More access to disability products aimed at older customers may be a growing opportunity for the industry, provided carriers can price the products profitably. 6 Voluntary Long-Term Disability Practices, LIMRA, , LL Global, Inc. SM 19

22 Table 12 Why People Do Not Buy All nonbuyers Undecided Declined Indecisive 53% 62% 26% Wanted to think about it more Could not decide on type of policy or how much to buy Did not know enough about disability insurance Afraid I d make the wrong decision Unattainable 40% 38% 49% It was too expensive It was not a good value Did not qualify for coverage Low perceived need 32% 28% 43% Decided I do not need disability insurance Already have disability insurance through work Other financial product better suited my needs The risk of becoming disabled did not seem that great Can depend on Social Security or workers compensation instead Distrust Did not trust the company, sales rep, or advisor 9% 11% 6% Nothing would have changed the minds of 22 percent of nonbuyers and a third of decliners. This is actually good news for carriers, as the majority of people who didn t buy would change their minds given the right situations. Reflecting the cost and confusion concerns mentioned earlier by nonbuyers, financial reasons top the list, followed by the need for more explanation of the product. While shoppers financial situations are out of the control of carriers and agents, spending more time ensuring that they understand what they are looking at is not. Creative solutions related to cost may be possible as well, as some shoppers who may not be able to afford high-benefit policies or those with extended payment periods might be able to manage less robust policies. 2011, LL Global, Inc. SM 20

23 Table 13 What Would Make Nonbuyers More Likely to Buy? All Nonbuyers Undecided Declined Receive a better price 32% 34% 26% The cost of the coverage fit budget Financial situation changed A better job was done showing the value of disability insurance A better job was done explaining the coverage The application process was less complex Offered a policy that better suited needs No medical exam was required The policy also provided a death benefit Policy was endorsed by professional/ trade association It was a different time too busy then Dealt with a different sales representative The advisor was less pushy The advisor or company was endorsed by employer Advisor returned to discuss after allowing time to consider options Nothing would make me more likely to buy , LL Global, Inc. SM 21

24 Conclusion Individual disability insurance continues to be a difficult product to sell. It is valued as a product; however, there is still a perception that it costs too much or isn t a good value. It also is a complex product that really needs face-to-face interaction to explain. At the same time the number of producers who sell individual disability insurance and the number of carriers that offer the product are limited compared with other products such as life insurance and annuities. And while there are alternative sources of information on disability insurance, the opportunity to buy disability insurance is still low for the U.S. population because people do not go in search of information on insurance as frequently as they do for some consumer goods. Most important, those who do search usually don t follow through on the purchase unless they have support from industry professionals. Carriers need to find ways to increase the pool of producers who sell the product. Barring that, the challenge for carriers in the future will be finding effective ways of capturing consumers as they use alternative information sources and directing them to advisors who can close sales. 2011, LL Global, Inc. SM 22

25 Methodology LIMRA s U.S. Disability Insurance Buyer-Nonbuyer study looks at the disability insurance shopping experience from the consumer s viewpoint. It explores how consumers experiences during this shopping process influence whether they will buy. This study serves to help insurance companies better understand how best to meet consumers needs as they shop for disability insurance and are deciding when and what they should buy. LIMRA most recently conducted a Buyer-Nonbuyer study in The eight years since that study have seen vast technological changes that have influenced how people think, interact with one another, and shop and search for information. Key questions in the study have been affected by these changes. Because of these changes, as well as the very different study design, the two studies are not compatible for trending most items. Sample A short screener was ed to a representative sample of 108,800 online panel members in April The purpose of the screener was to identify households where someone had been approached or was provided with information about buying insurance during the previous 24 months. households where someone seriously shopped for disability insurance and whether they bought. A total of 38,407 respondents entered the survey (35 percent) and 31,513 qualified respondents completed the screener (29 percent). For the disability analysis respondents ages 65 and over were removed from the database to restrict the analysis to the eligible population. Of the 2,749 households that seriously shopped for disability insurance, 1,188 bought and 1,561 did not buy after shopping. A sample of 483 buyers and 455 nonbuyers were immediately recruited from the 2,749 households that shopped for disability insurance to answer a 15-to-20-minute follow-up survey on their shopping and buying experiences. We asked that the person in the household most involved in making decisions about finances, investments, and insurance complete the questionnaire. Incentives The study used standard online incentives. Respondents received personal points that can be used toward prizes and they also received entry in a monthly sweepstakes drawing. Weighting The U.S. Buyer-Nonbuyer screener population was weighted to be representative of the total U.S. adult population based on age, gender, marital status, household income, and region. Serious Shopper Wording During the past 24 months have you or has anyone in your household seriously shopped for disability income insurance (for example, sat down with a professional to discuss disability income insurance or requested and filled out an application for disability income insurance)? 8 The screener identified 7 U.S. Buyers and Nonbuyers of Disability Insurance, LIMRA, The screener asked whether anyone had shopped for life insurance and/or had shopped for disability income insurance during the past 24 months. Follow-up surveys were sent to a sample of recent disability income insurance shoppers and to a separate sample of recent life insurance shoppers. LIMRA will produce a separate report on the experiences of life insurance shoppers. 2011, LL Global, Inc. SM 23

26

27

28 HARTFORD ATLANTA MIAMI TORONTO LONDON KUALA LUMPUR SHANGHAI HO CHI MINH CITY 2011, LL Global, Inc. SM This publication is a benefit of LIMRA membership. No part may be shared with other organizations or reproduced in any form with LL Global s written permission ( OE9)