New research by Cheryl Retzloff, senior research director of LIMRA Markets, has identified a market that is largely untapped by life insurers — the single-household. According to LIMRA’s “2011 Life Insurance Buyer/Non-buyer” study that found only 39% of U.S. households recall having an opportunity to buy life insurance in the past two years, only 26% of single people recall having an opportunity to buy life insurance. This is compared to the 74% of married people.
“We also found that those singles who did recall having an opportunity to buy life insurance are almost as likely to buy life insurance as married households (51% versus 58%),” says Retzloff. “Companies could grow their life business by more aggressively pursuing this untapped market.”
