This research explores consumer satisfaction relevant to the purchase of life insurance products and compares satisfaction in a broker or agent assisted transaction with satisfaction when no broker or agent is used, direct placement. Benchmarks are identified for consumer satisfaction with the life insurance product, the agent, and the institution. The research shows that trust, competence, and product appropriateness play an integral part in consumer satisfaction. Practicing financial planners can apply the implications of this study in their own practices, and/or future researchers can determine whether consumer satisfaction increases or decreases as distribution and marketing methods evolve.
Key Words: Customer satisfaction, Financial counseling, Life insurance

1. Gregory A. Kuhlemeyer, Associate Professor of Business Administration at Carroll College in Waukesha, Wisconsin. Phone: 262-524-7160. Fax: 262-524-7397. Email: gkuhleme@cc.edu

2. Garth H. Allen, Associate Professor, Department of Finance, Kenneth W. Monfort College of Business, University of Northern Colorado, Greeley, CO 80639, Phone: 970-351-1234. Fax: 970-351-1097. E-mail: gallen@unco.edu

The authors would like to thank Diana Harrington and others at the 1998 Academy of Financial Services Conference, Ken Cyree, Atul Saxena, and Christine McClatchey for their time and thoughtful comments.