2023 was the first year that consumers said they would prefer to shop and purchase life insurance online versus via in-person meetings.
However, far fewer (24%) consumers would expect to complete their life insurance purchases entirely online than in person (44%).
More and more consumers are using social media to research financial product-related information.
Among the most popular sites are:
– Facebook (62%)
– YouTube (58%)
– Instagram (36)
– Investment/advice online forums (29%)
– X, formerly Twitter (27%)
– LinkedIn (26%)
– TikTok (25%)
Millennials and Gen Z are the most frequent users of social media platforms, including newer entrants like TikTok.
Gen Z turns to social media for discussion, advice, and information regarding financial topics more often than older generations — 81% of them say they use social media in this way, as compared to 75% of Millennials, 48% of Gen X, and 27% of Baby Boomers.
Social Media Activity by Generation
Limra (2023, October 18). 2023 Life Insurance Fact Sheet. LIMRA. https://www.limra.com/en/SysSiteAssets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf