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Consumers prefer purchasing life insurance through work

Posted On Tue, April 17, 2012

Approximately one in five consumers choose to look for life insurance plans through their employer, and the rate of those consumers who purchase such plans is quite high, according to a study from LIMRA.

A total of 75 percent of workers who look at the life insurance options they have at work end up buying a plan. Another 30 percent noted that they obtained a life insurance policy because they had these options offered at their workplace, the study noted. In addition, those who purchased plans likely had a major change in their lives, whether it was getting married or divorced, having a new baby or adopting a child.

More than half of those who purchased a life insurance policy were men, while 45 percent were women, according to the study. Close to 80 percent of those who obtained a plan had a significant other that they were living with, as well. These plans were also very popular among families with young children. This may be because people with families have larger incomes as well as more assets to their name.

"More and more people are turning to their place of work to get the financial products they need," said Kim Landry, analyst for LIMRA Group Product Research. "Clearly, the convenience of having the resource at their place of work coupled with the feeling of security felt by working with someone their employer has [implicitly] approved, are drawing consumers to this channel."

If a person's workplace doesn't offer a life insurance plan, or the item available isn't what they are looking for, it could be a smart idea to look elsewhere. By looking at life insurance quotes side-by-side, a consumer could find a plan that fits their requirements.

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