It's the young and single workers who are purchasing life insurance through work.

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That's what a LIMRA study of 2,300 insurance buyers found.According to study participants, 75 percent of workplace lifeinsurance buyers are members of Generations X or Y. The boomersaren't nearly as valuable as potential prospects.

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“Younger, less experienced buyers typically do not havefinancial advisors, so they tend to look to different informationsources compared to older customers,” said Ron Neyer, assistantresearch director, LIMRA Distribution Research. “Workplace lifeinsurance buyers are also more likely to be first-time customers ofindividual life insurance, and about a quarter have never had ageneral discussion with someone who represents the industry.”

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The survey found that most buyers, either workplace or outsidepurchasers, have household incomes that exceed $50,000, and theysay they're buying to protect their families from financialneed.

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One big difference between the purchasing groups: most of thosewho buy at work are single and don't do a lot of comparisonshopping before they buy, with 62 percent considering a singleoffer before signing on the dotted line. Just one in six takes alook at three options.

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Read: 8 things toknow about voluntary sales

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But they are comfortable with their decisions: 70 percent ofworkplace customers describes the process as agreeable.

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“For workplace buyers, the search for life insurance frequentlybegins and ends at work,” Neyer said. “Many rely on theiremployers’ expertise for carrier selection.”

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Also read: Life insurance gap represents sales opportunity

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Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.