While many agents report that the typical life insurance lead is from people who want to ensure their loved ones are protected when they pass away, policyholders also purchase this type of coverage to help themselves financially prepare for retirement. But according to a recent survey, a considerable number of individuals are worried that they'll outlive what they've saved.
In a recent survey conducted among 8,000 people in 15 different countries, Accenture reports that an average of four out of every five people are worried about their financial situation once they leave the job market.
This anxiety may stem from respondents not being entirely convinced they've saved enough, as just 16 percent said they were confident what they had saved would last them throughout retirement.
Meanwhile, others aren't sure what would be considered a sufficient level of savings, as 67 percent report not knowing how much they would need to save in order to maintain their standard of living in retirement.
"The strong common global concerns about post-retirement financial security are alarming," said Mark Halverson, Accenture's managing director. "In the current economic environment, people are increasingly worried about their financial future. They are willing to save money but have limited financial knowledge and limited saving abilities to actually do so."
He added that insurance and industry professionals may be able to help retirees by consulting with their clients about their present financial situation and shaping their product offerings in a way that maximizes their earnings potential.
Agents may be surprised to learn that many consumers have never been contacted by a life insurer to discuss retirement issues, as close to one in five indicate as such, Accenture states.
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