It's only been in the last year or two that the life insurance market started to bounce back after a serious rough patch during and after the economic downturn. Now, more policy providers are once again connecting with consumers - particularly young adults - in large numbers, which should be seen as a positive for the industry as a whole. But that doesn't mean companies can't do more to understand what consumers want from their coverage, and as such some insight can be gleaned from how people actually search for this kind of coverage.
First things first, though: It appears that based on a full examination of Google searches for the specific term "life insurance" across the U.S. from January 2015 to the same month this year, the state where consumers are the most interested in such coverage is Alabama, according to a study of the data from Life Health Pro. It barely edged out Mississippi to take the top spot in the nation, and both states finished well ahead of several others.
Rounding out the top five, quite a way behind those two Gulf Coast states, were Louisiana, Delaware, and North Carolina, the report said. Connecticut was the only other state with a search volume of at least 80 percent compared with Alabama's total. Iowa, New Jersey, South Carolina, and Georgia closed out the top-10 list, but all were still in the high 70s.
What do people look for?
When they search for life insurance, people are generally clicking on links that direct them in a number of different directions, the report said. Not surprisingly, the most common search topic that leads to life insurance links is "life insurance," but after that, just the general term "insurance" is in the No. 2 spot. "Term life insurance" was No. 3, and the simple term "policy" was No 4. Finally, a popular life insurance company rounded out the top five. The most common "rising topics" (those that had gained significant ground over the course of the year) were all for life insurance companies of varying size.
But when it comes to the actual terms typed into the search engine themselves, the results show a lot more specificity, the report said. Consumers seeking out life insurance tended to type things like "term life insurance," "whole life insurance," and "life insurance policy" (Nos. 1 through 3). Meanwhile, "American life insurance" and, strangely, "health insurance" were also in the top five. And the rising query terms were all smaller life insurance companies once again.
What's the volume?
The most popular life insurance term that led to clicks through Google's AdWords advertising platform was simply "life insurance," which garnered an average of 22,200 searches per month, the report said. That was miles ahead of the No. 2 term, also a top life insurance company, which averaged 9,900 searches per month.
Millions of Americans are in a position these days where they can benefit from having life insurance coverage, but haven't yet taken the step to actually buy it. As a consequence, the ability of life insurers to find ways to connect with people is vital as the economy continues to improve. With so many young families now being started, it's possible that the life industry as a whole could find itself booming in the near future, and life insurers that position themselves well to meet people's needs could end up seeing significant success going forward.