As many companies can attest, marketing insurance to Millennials is no easy feat. This generation of young, self-sufficient adults is facing an economic situation unlike one seen by previous groups. With student debts mounting and job uncertainty, many Gen-Yers are resistant to saving and investing for the future. The challenge for insurance companies is in finding a way to reach this demographic in a marketing climate that is changing by the day. Selling life insurance to Millennials means understanding the tendencies of the demographic and adapting to their desire for more digital communication.
For Millennials, Life Can Wait
Millennials are waiting longer than previous generations to start their lives. This includes getting married, buying a home, having children and finding a career. Today, the median age for marriage is between 27-29, and the average age of childbearing has risen to over 26. As such, life insurance sales for Millennials has been struggling. Because so many in this age group are putting off major life changes until they’re older, fewer see the need for a life insurance policy. They don’t have dependents, few have mortgages, and many are in debt. When marketing insurance to Millennials, it’s important to understand that many do not have the same coverage needs as their parents did. Read More