Millennials and Life Insurance
Millennials now represent 25% of the U.S. populace, making them our nation’s single largest demographic group. This is a statistic that the life insurance industry cannot ignore. With many millennials already fallen behind in financial planning, it’s time to take a look at how we can work together to bring about more awareness around life insurance. Let’s start small:
Education: In a 2015 study from Life Happens and LIMRA found that 60% of millennials prioritize paying for mobile phones, Internet and cable over life insurance. For this generation, education is key to them understanding the value and benefits associated with life insurance. Some financial advisers are hosting think tanks or meet-ups in their communities for the purpose of generating meaningful conversations around the importance of insurance and protection. Since Millennials often look to their peers for advice and recommendations, reaching out and educating these peer groups on how to understand the benefits of life insurance is a great start. There is the potential to learn from each other when we band together towards a goal of common sense financial advice.
Understanding their needs: The needs and buying habits of millennials differ greatly from other generations. Their lives are shaped by technology. Think about it, when you have a problem with your computer at work what colleague do you usually ask to help you? For many, the answer is a millennial. Providing information in bite size formats using videos, blogs, and social media allow for this group to gain information at their convenience. In addition, virtual meetings give instant access to getting questions answered with ease. This tech dependent group enjoys working and interacting differently and smart advisers are taking notice.
Making a connection: Why is this generation not reaching out to advisers? They are savvy shoppers who do their research before meeting with an adviser, while also thinking that the internet can provide them with everything they need. This means that as advisers, we need to be able to connect with millennials through technology while providing priceless face-to-face value. The benefit of being a Leap professional is that advisers are pairing their expertise with technology that makes real-time sharing a lot easier. Millennials put value on getting information instantaneously, Leap’s XRM platform provides instant feedback to let them know where there could be threats and opportunities. They can then work with their adviser to take meaningful action.
See, it’s not as scary as it looks. Education, understanding, and connecting is the first step in working together to create more awareness around life insurance. With a value around technology and the ease of process, Leap advisers give millennials financial advice that is sane, sound and simple.