Consumers More Cautious Buying Insurance

Consumers aren't jumping toes-first into buying insurance plans anymore. More and more, the economic climate has led to consumer caution when shopping for personal insurance. Eade noted that many more people are now calling to inquire about an insurer’s financial viability. Because of the AIG bail-out, consumers are looking for confirmation that insurers will remain in business. This is actually a positive thing, because people are becoming more critical about which company they sign on with.

Consumers are also looking for lower premiums and there can be large differences in premiums between the top insurance companies, so consumers have the chance to save money. As an example, a man in his forties can expect to see a $600 dollar disparity in his income protection premiums while shopping amongst the largest insurance companies.

There's also the fact that consumers aren't committing to purchase nearly as quickly as they once did. Eade's advice for debt or mortgage-laden consumers, or those with families, is to be aware that the risks of buying insurance will remain constant, despite the current economy.

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