1. An Increased Awareness of Personal Risk  Studies have long shown that most consumers recognize their need for life insurance (or more of it), but often delay getting coverage until faced with a life‑changing personal event, such as the death of a loved one.   But in this post‑pandemic world, most consumers have an increased awareness of their mortality. They feel a more pressing need to ensure their financial security, even if they don’t quite know how life insurance works—and many don’t.   In your conversations with prospects, you should (and undoubtedly do) address this head on. Reassure them. Educate them. Explain how life insurance meets this need and allays this fear—something PALIG has done steadfastly for more than 100 years.  
2. Greater Cost Sensitivity As the world continues to wrestle with inflation, many consumers have less disposable income to spend—and are more reluctant to spend it. At the same time, many embrace the misperception that life insurance is more expensive than it actually is.   That’s why it’s important to discuss pricing issues openly, reassuring prospects that rates are likely lower than they may think. It means offering affordable life insurance options, whether term life or modest whole life benefits, while educating clients on the long‑term investment benefits of accumulating cash value. It’s a story we must retell again and again. 
3. Rising Demand from Younger Generations According to LIMRA, life insurance ownership for younger adults is on the rise. Between 2022 and 2023, policy ownership increased from 34% to 40% for Gen Z and from 45% to 48% for Millennials.  But the need (and opportunity) remains high. If you aren’t already targeting those demographics, now is the time. If you haven’t already, read up on how to start conversations with Millennials and what makes Gen Z prospects tick.   
4. The Continued Shift to Online Business At one time, buying individual life insurance was very‑much a kitchen table transaction. While that still happens, more client interaction is occurring (or at least beginning) in cyberspace.    Emails, video chats, texting… that’s how consumers prefer to connect. According to the 2023 Insurance Barometer Study, more consumers say they’d like to buy life insurance online than face‑to‑face.    In order to meet people where they are, producers must fully embrace omnichannel marketing, especially social media, where a surprising number of consumers now seek financial information.   Keep in mind: at PALIG, we’re right there beside you. As you know, we’ve been investing heavily in technology for some time and recently launched our own Instagram channel.
5. Consumers’ Prioritization of ESG Initiatives In every market, environmental, social, and governance (ESG) factors have become more central to consumers’ purchasing decisions. Policyholders are increasingly choosing to align themselves with carriers and producers that share their values.   For producers, that may translate to opening up to clients on a more personal level, sharing your convictions and the causes you support. It may mean taking a more active role in your local humanitarian community as well.  In addition, we encourage you to talk about our corporate social responsibility program, PALIG Cares. We are proud support a number of humanitarian and social causes across many regions. You can even request that we sponsor a local not‑for‑profit initiative by completing a simple Contribution Request form. This is all good for business—and our communities, too.  

One Timeless “Trend”