2017 Insurance Barometer Study Reveals That Consumers Want Transparent Life Insurance Buying Options: Seventh annual study from Life Happens and LIMRA shows simplified underwriting and easy-to-understand offerings are key to getting consumers the coverage they know they need, but don't have

ARLINGTON, Va. and WINDSOR, Conn., April 25, 2017 /PRNewswire/ -- American consumers expect the life insurance industry to remain innovative and continue to meet their needs and preferences, according to the 2017 Insurance Barometer Study. The study finds that 70 percent of Americans who would consider purchasing life insurance would be interested in doing so without a physical exam, also known as simplified underwriting.*

Now in its seventh year, the Insurance Barometer Study tracks the financial perceptions, attitudes and behaviors of consumers in the United States, with an emphasis on life insurance. LIMRA, a not-for-profit research trade association, and Life Happens, a non-profit educational organization, jointly conducted the study.

The current study looks at the life insurance buying process from the consumer's point of view and finds that simplified underwriting may impact a consumer's likelihood of completing the life insurance purchase. Those who are interested in purchasing life insurance through simplified underwriting are drawn to the speed and ease that it offers. Other appealing benefits include:

risk and price transparency (67 percent)

an unbiased application process (66 percent)

no need for a medical exam (64 percent)

The Key to Closing the Sale: Make It Easy to UnderstandThe study asked consumers to rate the importance of various factors when purchasing life insurance. Having a product that is "easy to understand" received top ranking with 83 percent. The "ability to chat with a person" was next (66 percent), while a "faster sign-up process" was very or extremely important to half...