Many respondents are unaware of the advantages and differences between various types of life insurance policies. According to the study, the agents and employees of LICs can help in this situation, which is why JD Power recommends that consultants elaborate on all products before selling policies.
Other research findings:
Only 44% of consumers view and compare life insurance rates from multiple insurers.
Three quarters of those who purchased a policy said they chose it because of the low price.
Source: https://www.investopedia.com/consumers-increasingly-believe-life-insurance-is-unnecessary-5088265
Photos are from open sources.
