{"id":2335,"date":"2022-10-07T09:32:36","date_gmt":"2022-10-07T13:32:36","guid":{"rendered":"https:\/\/blog-admin-panel.ladderlife.com\/?p=2335"},"modified":"2023-08-01T14:33:13","modified_gmt":"2023-08-01T18:33:13","slug":"consumers-life-insurance-banks","status":"publish","type":"post","link":"http:\/\/ladderlife.com/blog\/consumers-life-insurance-banks\/","title":{"rendered":"Banks: where consumers want to buy life insurance"},"content":{"rendered":"\n

Life insurance is one of the most dynamic financial categories, with an estimated industry value of  $766 billion<\/a>. As digital life insurance becomes even more relevant thanks to sophisticated underwriting and forward-thinking strategy, the opportunities in life insurance become even more appealing. It mimics digital banking in that way. It might not come as a surprise in today’s digital age, but over 75% of people who bank do so online<\/a>. By 2025, that number could rise to 80%, which accounts for almost 220 million Americans. <\/p>\n

As the digital space becomes more important-and more competitive-it’s imperative that financial institutions provide their customers with options beyond traditional banking functions for customer acquisition and retention. <\/p>\n

A recent brand survey captured that of the participants polled, almost 50% would prefer to buy life insurance through their bank or credit union. <\/p>\n

\"Ladder
 *Source: Ladder Brand Study, July 2022<\/figcaption><\/figure>\n

Nowadays, consumers are more comfortable with the technology associated with online transactions. (Over \u00be of millennials use their phone for banking transactions<\/a>). They’re also looking to brush up on their personal finance knowledge in general, proven by the enormous amount of content being produced on social media apps like TikTok, where the hashtag #personalfinance reaches into the billions. <\/p>\n

This appetite includes a heightened awareness of life insurance, with six in 10 consumers reporting having knowledge of the importance of life insurance<\/a>. However, 106 million Americans still remain uninsured or underinsured<\/a>, demonstrating a gap between knowing life insurance is essential and actually purchasing it. <\/p>\n

By making life insurance accessible through financial institution partnerships<\/a>, one barrier-the perceived complexity and hassle of getting life insurance-can be removed. Digital markets are often winner-take-all markets; customers are more likely to flock to providers who can provide them the most value, including services beyond banking. Consumers prefer trusted, one-stop shops for all their financial needs. <\/p>\n

Digital life insurance relies on the technology it has access to, and with each technological advance, such as healthtech device data or the ability to seamlessly integrate into a partner website via APIs,  the entire process becomes even smoother on the user’s side. This allows consumers to make decisions more quickly, and in turn reach even more customers. <\/p>\n

On the financial institution side, it brings in non-interest income<\/a>, allowing for a diversification of revenue. Life insurance is a long-term engagement product that can increase customer stickiness and deepen the relationship, both of which are important to stay competitive. <\/p>\n

Most Americans know the importance of life insurance but haven’t taken steps to insure their family against potential tragedy. The mission of getting more families covered faster-and on their terms-can be achieved through smart financial institution partnerships. <\/p>\n

 <\/p>\n

Curious to learn more? Email us at bd@ladderlife.com to see how partnering with Ladder can benefit your organization.<\/b>    <\/p>\n","protected":false},"excerpt":{"rendered":"

In the digital age, consumers want to buy their life insurance through their banks and credit unions more than anyplace else online. <\/p>\n","protected":false},"author":6,"featured_media":2317,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[12],"tags":[],"aioseo_notices":[],"jetpack_featured_media_url":"http:\/\/ladderlife.com/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-33.png","_links":{"self":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2335"}],"collection":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/comments?post=2335"}],"version-history":[{"count":4,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2335\/revisions"}],"predecessor-version":[{"id":2524,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2335\/revisions\/2524"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/media\/2317"}],"wp:attachment":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/media?parent=2335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/categories?post=2335"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/tags?post=2335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}