What if I told you that what you think you know about insurance, and why members don’t buy it from your credit union, is wrong? At Franklin Madison, we’ve noticed the shifts in demand for insurance, both over the past two years and over the longer term. We researched changing purchasing behaviors toward insurance through a survey of 551 consumers and shared our findings on a recent NAFCU webinar.
What we found will challenge a lot of conventional wisdom about insurance. Take a look:
Single people think insurance is more important to financial wellness than married people.
This finding really surprised us at first, but then we dug into the data. The assumption is that married people look to insurance to further shore up their established financial situation. Yet 59% of our single survey respondents saw insurance as an important component of financial wellness, compared to just 49% of married people. We realized that we were underestimating the importance of insurance to single-parent households. According to US Census data, about 25% of children live in a single-parent household, the vast majority of which are headed by mothers. Those single parents seem to feel the need more keenly to provide financial stability against the unknown.
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