Sorry, brokers. Banks may have a better opportunity to score life insurance sales.
The majority of Generations X and Y consumers say they'd consider buying a life insurance policy from their bank—significantly higher than older generations, where only about a third of these consumers say they would consider it, according to a LIMRA report.
"Growing up in a post-Graham-Leach-Bliley environment, the younger generations are open to receiving a broad spectrum of products and services from their bank," says Patrick Leary, assistant vice president, LIMRA distribution research. "We also know these consumers are more likely to need life insurance than older generations. In addition, many of these younger consumers have no existing relationship with a life insurance agent or financial advisor so buying life insurance from their bank is not just another convenience — it provides an opportunity to get the financial protection these consumer really need."
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