Shopping for Life Insurance
- Judy Faucett* responded that people spend more time buying a microwave than they do an insurance policy.
*Actuarial Consultant to the NAIC
1994-1, NAIC Proceedings
- Birny Birnbaum (Center for Economic Justice—CEJ) said he supports a uniform format for the one- to two-page consumer document and the policy and narrative summaries because some standardization is necessary to achieve the goal of Model #580, the purpose of which is to facilitate consumer comparison shopping.
2016-2, NAIC Proceedings - Life Insurance and Annuities (A) Committee, San Diego, California, August 27, 2016
- Mr. Foley: ...responded that, if consumers want to compare policies, they have the illustrations to do so.
1999-4, NAIC Proceedings
- (p96) - Survey evidence has consistently shown that most people do not shop at all for life insurance; they deal with only one agent. See Chapter IX.
- (p290) - Almost twenty years ago, the Yankelovich organization, on the basis of an extensive survey, reported to the major life insurance company trade association that6....
- Due in part to the inherent characteristics of the product, the average person feels less self-confident as a buyer of life insurance than of any major purchase.
- Indeed, the entire act of purchasing life insurance is fraught with anxiety:
- people are not confident about their ability to comprehend the pros and cons of alternative plans.
1985 - FTC - Life Insurance Products and Consumer Information - 317p
National Association of Insurance Commissioners External Communication Plan - September 8, 1985
External Communication Project Rational
- Objective - To increase awareness of state insurance departments as a primary source of consumers information about insurance products.
- Strategy - To offer buying tips and to solicit questions on a specific insurance product. (p95)
1986-1, NAIC Proceedings
EXHIBIT F - [From Dally News, Friday, Dec. 29, 1972]
CONSUMERS GET SHOP TALK ON BUYING LIFE INSURANCE, (By Gene Spagnoll)
The average consumer probably spends more time shopping for a color TV set than he does for his life insurance.
- One reason for this, perhaps, is that it's so difficult to shop for a policy.
- There is no such thing as an insurance supermarket where one could compare prices and other factors affecting the purchase of insurance. <p801>
1973 - GOV (Senate) - The Life Insurance Industry - Senator Hart - 4 parts - Part 1 of 4 - [PDF-794p]
- To get the best buy in insurance, Charlie Is going to have to shop around, talk to several agents and compare the prices and services offered by the companies. (p802)
-- Pennsylvania Insurance Commissioner Herbert Denenberg
1973 - GOV (Senate) - The Life Insurance Industry - Senator Hart - 4 parts - Part 1 of 4 - [PDF-794p]