Only about half of current owners of life insurance are happy with the advice they received from the agent who sold them the policy, according to a new report.
Deloitte Research, New York, published this finding in a summary of results from an online survey of 1,071 U.S. based life insurance policyholders and 1,000 individuals without life insurance in June 2011. Deloitte contracted with Andrews Research to conduct the survey.
In learning about life insurance benefits, coverage needs, options and costs among current buyers, the report finds that respondents were most satisfied reviewing their employee benefits package (67%), followed by speaking with an insurance agent (59%) and reviewing information packages from an insurance agent.
Satisfaction levels were lower among those speaking with a financial planner (44%) and those either speaking with a bank representative or reviewing information packages received from a bank (36%).
The report finds that more than half (55%) of non-buyers expect to purchase less than $100,000 in coverage. But among those who already have coverage, 62% expect to buy more than $100,000 in coverage, including 32% who anticipate purchasing more than $200,000.
