Trusted Quote Explores Consumer Misconceptions about Policy Rates during Life Insurance Awareness Month
ROSEVILLE, Calif., Sept. 10, 2013 /PRNewswire-iReach/ -- Trusted Quote, a leading national life insurance brokerage, is proud to announce its marketing campaign for Life Insurance Awareness Month 2013. The campaign is centered on consumers who've thought of buying life insurance or upgrading their current policies, but haven't taken steps to do so yet.
According to LIMRA, 50 percent of households say they need more life insurance; however, only eight percent consider themselves very likely to buy in the next year. The top concern shoppers cite is cost. Of those who know they need life insurance, 86 percent put off a purchase because they think it will be too expensive. At the same time, LIMRA notes that consumers tend to overestimate the cost of life insurance by at least double.
"Our focus during Life Insurance Awareness Month is showing people how affordable life insurance is," says Ryan Pinney, Vice President of Sales and Marketing for Trusted Quote. "Overestimating the cost of a policy is a serious deterrent for a family on a budget. But if you're healthy, under 40, and a non-smoker, life insurance often costs less per month than a family meal at your favorite restaurant."
The best way to explore policy costs is to use an online quoter. Brokerages that work with multiple carriers, including Trusted Quote, show the consumer what different carriers charge for the same policy, on a per month basis. Consumers can edit their quote criteria to see how it changes the price.
Factors that affect policy rates include:
1. Selecting term or permanent policies. Term is more affordable for families on a budget.
2. Length of term. Choices include 10, 15, 20, or 30 years.
3. Amount of coverage. Dollar values range from $25,000 to $5,000,000.
4. Carriers. Prices differ by carrier for similar coverage.
5. Riders. These are policy add-ons that cost money but add value, such as a long-term care rider, disability rider, or return of premium rider.
"Many consumers don't understand that life insurance isn't a one-size-fits-all product," says Pinney. "A good broker will comparison shop for their client, taking Carrier A's quote to Carriers B and C to see if they can beat that price. We match clients with the best policy and the best carrier based on their budget, health, and future financial needs."
Trusted Quote's awareness efforts this September will use sample quotes to show how price shopping saves the consumer money. The company will use emails, social media posts, blog posts, infographics, and more to help consumers get a better understanding of life insurance rates. Follow the campaign on the company's blog, Facebook page and Google+ page.
About Trusted Quote
A leading national broker for life insurance products, Trusted Quote brings consumers quotes from top carriers in term life insurance, dental, vision, disability, and long-term care insurance. Located in Roseville, California, Trusted Quote is a national division of Pinney Insurance Center, Inc.
Media Contact: Jenni Wiltz , 800-823-4852, firstname.lastname@example.org
SOURCE Trusted Quote