Life insurance ownership is at a 50-year low. Nearly half of adults are uninsured and many who are insured are underinsured and don't make adjustments to their coverage to reflect changes in their lives.

Despite these apparent opportunities for life insurance carriers, industry growth has slowed, says a new study. Part of that disconnect, according to the study from Acxiom, is that carriers aren't using digital media channels to engage these consumers. But research shows customers respond to online shopping (life insurance included) of any kind.

In fact, Acxiom found:

• 68 percent of millennials used social media as part of their life insurance shopping process
• 43 percent of Gen X conducted searches online to find information about life insurance
• 33 percent of boomers report online information was among the top three influencers in their final decision

Conversion of just 10 percent of currently uninsured millennials and Gen X represents a market potential in excess of $5 billion annually, the report finds. And converting just 10 percent of uninsured boomers may be worth as much as $3 billion in annual premiums.