Banks will be able to grab a larger share of the life insurance market if they convince consumers they can meet their insurance needs, according to a survey by LIMRA International.

The survey showed that only about half of consumers are even aware that they can buy life insurance through a bank. But of those who do know, 4 in 10 said they would consider such a purchase if they had the need.

“Raising awareness among these receptive markets could be one of the most effective steps banks can take to improve life insurance sales,” said Greg Grzywacz, an analyst in LIMRA’s distribution research group.

The banks also have a great opportunity to tap into affluent customers. “The household income group showing the highest level of awareness is the $75,000-$99,000 range. They may be quite receptive to marketing efforts by banks,” Mr Grzywacz said.

Of course price is the biggest concern for consumers wanting to buy life insurance from a bank, with more than 60% saying a lower price would be the best incentive.