The growth rate of applications for the purchase of endowment and investment life insurance policies since the year beginning “has been ensured by young age groups” under the age of 50.
“There is a whole new generation of Americans aged 18 to 42, who solely rely on YouTube and TikTok as their means of getting information,” Simms commented.
He noted that social networks “managed to turn previously incomprehensible complex products into simple and accessible.”
According to the recent report by insurance trade group LIMRA, life insurance volumes have declined over the past decade. Just over half of American adults report they have life insurance today, down from 63% in 2011.
Simms sees social media as a key tool for attracting public attention to insurers' products.
Photos are from open sources.
