Consumers who receive a financial needs analysis are more likely to buy life insurance, and purchase larger face amounts, than those who don’t receive an analysis, according to LIMRA’s 2011 U.S. Buyer-Nonbuyer study.

“What surprised us was that only 43% of consumers received a needs analysis from the sales rep they met with about buying life insurance. Our research shows that consumers who received a needs analysis were considerably more likely to buy than consumers who didn’t,” says Cheryl Retzloff, senior research director of LIMRA markets research. “Moreover, producers who recommended an amount to buy to their clients not only had more clients close the deal but on average those clients bought 60% more coverage.”

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