Tag Archives: Life Insurance Awareness Month

Millennials Need Life Insurance Too!

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.young woman millenial

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.


Facts for Life Insurance Awareness Month from the Alliance

This month LIMRA is celebrating its 10th Life Insurance Awareness Month to raise awareness of the importance of life insurance among consumers and producers. Every September LIMRA releases a fact sheet on American life insurance statistics and reasons why people do and do not buy life insurance. We believe that this research is important, so we’ve made a list of facts from LIMRA that you should know.

Fifty percent of American households, 58 million, believe that they need more life insurance coverage. Whether they already have a policy or not, half of the households in the nation recognize that they do not have enough coverage. It’s our job at National Agents Alliance to try to get those families the coverage they need at a price that they can afford.

Of the people who believe they need life insurance, 86% say they haven’t gotten a policy because they believe it’s too expensive. Americans believe that life insurance costs three times as much as it actually does. These are great facts to pull out when you’re on the phone with a possible client who is concerned about the cost of insurance. You can assure your client that insurance doesn’t cost as much as they think it does and that there are plans available for all different budget sizes.

One fourth of shoppers said they had not considered life insurance until a producer initiated the conversation. There are a lot of people who know little to nothing about life insurance, and would not even think about it if someone didn’t explain to them the importance of getting coverage. Make sure you talk to everyone you know about life insurance; many people would be more willing to buy life insurance if someone would just tell them what it is and why they need it.

Sixty seven percent of those surveyed on financial issues said that “money for a comfortable retirement” was their top concern. Because this is such a big concern for people, it gives you the opportunity to make customers aware of how annuities and indexed universal life insurance can help them during their retirement years.

Hopefully these facts will remind you that there is a great need for life insurance coverage in this country and that you have the opportunity to help real families. People need your help and National Agents Alliance has given you all of the tools you need to protect these families. So get out there, have fun, make money, and make a difference!


Myth vs Fact: September Celebrates Life Insurance Awareness Month

Life Insurance Awareness MonthSeptember marks Life Insurance Awareness Month, and National Agents Alliance wants to know what are you doing to create more awareness of the benefits of life insurance products?

Life Insurance Awareness Month is a great opportunity to inform consumers about the benefits of life insurance and dispel the myths.

In celebration of Life Insurance Awareness’ month, it’s time we separate the myths from the facts:

  • Myth: Life insurance is expensive.
  • Fact: Life insurance is much cheaper than widely believed. The 2012 Insurance Barometer Study revealed that 2,011 respondents between ages 18 and 75, estimated that annual coverage for a healthy 30-year-old was $400—a total of $250 more than the actual cost of life insurance.

 

  • Myth: Life insurance is a luxury, not a necessity.
  • Fact: Life insurance is as much as a necessity as health insurance. Should the main income provider or a parent die unexpectedly, that income would need to continue coming in so that the family can pay their bills and provide childcare.

 

  • Myth: You only need enough life insurance to cover burial expenses.
  • Fact: You not only need life insurance to cover any burial expenses, but you also need the continued income of the deceased person. If a stay-at-home parent dies unexpectedly, you’ll now need someone to care for the children, in which the average salary of a stay-at-home parent is about $75,000. You will also need to cover the bills for at least six months in order to help your family make it through the grieving process and make plans for their future income.

 

  • Myth: Life insurance is only something you need to think about as you reach retirement.
  • Fact: The earlier you begin thinking about purchasing life insurance the better. Death can occur at any moment, which is why now is the time to consider purchasing a policy. In addition, you can lock in lower premiums due to your age.

 

  • Myth: I’m single, with no children. I don’t need life insurance.
  • Fact: Just because you’re single with no dependents doesn’t mean you don’t need life insurance. Should you unexpectedly die who would cover your burial costs and pay off your debts? Don’t leave a burden on your family.

Don’t let the myths keep you from protecting your family and loved ones.  Life insurance can offer that peace of mind that no matter what happens, your family will be taken care of after you are gone.   And for the National Agents Alliance team members, be sure that your clients and potential clients are aware of these common myths, and their corresponding truths!


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