The life insurance shopping process takes many consumers three or more months.
For a few weeks, consumers want to hear from you and insurers about life insurance.
Which consumers? And which weeks?
Life insurance demand fell precipitously between February 2021 and the end of 2022.
Activity levels have started to recover, a little, but, at Verisk, we saw 17 straight months of negative year-over-year growth in life insurance. The industry charted less application activity as a result.
Why did that drop in activity occur, and what can life insurance providers do to generate applications during slow periods?
Consumers have been facing sustained inflation and tightened budgets. The theory is that they are simply less interested in life insurance, and distracted by more immediate financial priorities.