Gen Z American adults are the least likely to have life insurance, while boomers are the most likely to have coverage. COVID-19 encouraged consumers to think about their coverage if the worst were to happen. Your customers can continue these important conservation measures with potential customers by using effective marketing tactics to connect with the target market for life insurance. The motivation to buy life insurance is particularly strong for consumers who are experiencing major changes in their lives.
The target market for life insurance includes American adults in the 31 to 45 age group. These consumers are at a stage in life that includes getting married, having children and buying homes. Data from Boston Consulting Group shows that, just before the pandemic, 44% of consumers purchased life insurance policies in person. After the start of the pandemic, 38% purchased through a hybrid process that included an online item.
That change means that consumers may be reading content online or searching on the topic. When they find a site that offers what they're looking for, they may be filling out an initial request for an online quote. The change in consumer behavior also means that their customers must change their strategy when it comes to reaching the target market for life insurance. Because consumers are now researching this category online, your customers can contact them there.
Branding campaigns in television, digital video and audio formats, such as traditional radio and podcasts, can also highlight key life events that arouse interest in life insurance policies. To reach the target market for life insurance, your customers must include a good mix of digital media in their media purchases. Digital advertising represents 57% of all life insurance advertising. Life insurance ownership can also vary significantly from state to state, according to the American Council of Life Insurers.
The COVID-19 pandemic has impacted some perceptions and realities in the insurance industry, in particular the life insurance sector. Of the insurance providers that rely on the National Association of Insurance Commissioners, the top 10 insurance providers are responsible for nearly half of all life insurance policies. Guaranteed issuance life insurance is a type of policy that omits the standard health requirements for life insurance policies. Insurance is a multi-billion dollar industry in the United States, and the life insurance industry is one of its biggest and most important components.