Consumers

Most common citizens just don’t understand policy terms.
You have to have faith,” said he to his commissioner.
- You have to have faith or trust that the agent is telling you the truth or explaining it correctly to you.

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH) — [BonkNote]

… I am a mother and a grandmother, and what bothers me is that I am afraid that this same misleading information may be the basis of my children’s and grandchildren’s retirement planning by the same … type agents, and they may never ask questions, as I have. – (p12)

— Statement of Gloria Darleen Newberry, Policyholder

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH) — [BonkNote]

Our research generally indicates that the public can be best described as conservative and risk aversive when it comes to financial matters…
… but perhaps the most remarkable finding has been the stability of the public’s financial needs and concerns over the years.

— Walter Zultowski, not a member of the Society, is Director of Economics and Consumer Research at LIMRA.

1980 – SOA – Product Innovation – Response to Consumer Needs in the 1980’s, Society of Actuaries – 14p

2023 – AP – Explaining Consumers’ Progress Through Life Insurance Decision States: The Role of Personal Values and Consumer Characteristics, by Hazel Bateman, Paul Gerrans, Susan Thorp, Yunbo Zen – 32p