Many insurance agents are overlooking or even dismissing the potential of a major client market based on the fact that this demographic was born between 1978 and 1995.
Ah, yes … millennials.
Research shows that agents feel like this group is too young and are in too much debt to even begin talking about life insurance.
Reality, however, is much different.
Millennials are making more than most people realize and they are doing a pretty good job of socking money away. But, most millennials are not even considering life insurance, which means they are not properly covered.
September is Life Insurance Awareness Month, so why not reach out to this group to increase your client base? The industry has long ignored millennials and this is the perfect time for you, as an agent, to change that. This group is the future of the industry and there’s no better time than now to address their needs.
Consider the following …
Millennials are poised for more financial success in the future. They are financial savvy and they are building relationships with people in that area. They might be less likely to be married or have children, but many are heading in that direction. A large portion of millennials are making $100,000 annually and many of them save at least 20 percent of that income.
Offering them an even stronger financial plan is a great opportunity to feed their desire to be financially solid down the road and you can build a relationship that can span decades to come. You can teach them how life insurance provides protection and can also provide cash value.
Many millennials are poised to experience life events in the next month or year. Marriage, a new child or a new home are all coming down the pike for this group. This means they have a HUGE need for protection even if they don’t realize it yet. The best time to take care of this is now, while they are still very healthy and very young.
Another characteristic of millennials is that they tend to plan things out. With that said, why wouldn’t they plan for their family’s well-being should something happen to them? Many of them have coverage through work but it’s not enough. They lack the proper coverage and need to be educated about what is available to them. Your job is to show them they are not properly covered and help them be prepared.
Remember, helping millennials could open up an entire new market for you that you didn’t think about previously. Don’t discredit any potential client because you think they are too young to need our products and services.