Life insurance group recognizes growing role of direct-market sales IFAwebnews.com
A life insurance education organization is paying attention to the growing sale of life insurance through direct marketing channels by adding to its board a member of a group supporting those online and phone sales efforts.
The LIFE Foundation, a group that provides education about life, health, disability and long-term care products, is adding to its board of directors the president of the Life Insurance Direct Marketing Association (LIDMA), a non-profit organization comprised of businesses and professionals active in the direct sale of term life insurance products to consumers.
The addition of Patrick Wedeking to the LIFE Foundation board comes as direct-marketing sales of life insurance represent the fastest growing segment of life insurance sales, according to LIDMA officials. Sales through direct channels represented more than 20% of the policies, about 5% of premium sold, and 13% of the total face value in 2008, according to a new joint project conducted by LIMRA International and LIDMA.
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