SALES STRATEGIES
Online preference
LGBTQ Americans are far more likely than other market segments to say they prefer to purchase life insurance online .
41 % of LGBTQ surveyed say they would prefer to buy online , compared with just 30 percent of the general population . And , their most common online platforms for information about financial products include YouTube ( 64 %), Facebook ( 57 %) and Instagram ( 42 %).
Deeper dive from page 43
LGBTQ market
With 20 million LGBTQ American adults in the United States , just 38 percent surveyed say they have life insurance coverage , representing 7.6 million adults . In comparison , half of all Americans own life insurance .
50
% of LGBTQ American survey participants believe they need ( or need more ) coverage , representing nearly 10 million adults .
45
% of LGBTQ consumers surveyed indicate their households would face financial hardship within six months should the primary wage earner die .
30
% of LGBTQ respondents say they would struggle financially within a month , compared with 24 percent of the general population who say the same .
44 %
of LGBTQ respondents say they haven ’ t bought coverage because they have other financial priorities .
25 %
of LGBTQ Americans surveyed feel very or extremely knowledgeable about life insurance .
33 %
of LGBTQ respondents feel they don ’ t need life insurance .
40 %
of LGBTQ respondents cite too expensive as their reason for not buying life insurance ; and 75 % overestimated the cost .
All about convenience
53 % of Hispanics say they are more likely to purchase life insurance using simplified underwriting , which is higher than any other ethnic group or race . They are attracted to its convenience ( fast and easy , avoids a medical exam or the need to see a doctor ).
44 Perspectives Q3 2022