“To sell or not to sell life insurance to millennials, that is the question” – from William Shakespeare’s newly discovered blog series, Two Noble Insurancemen.
OK, that’s not a real blog by the English renaissance playwright and poet. And this should not be a question you have to ask yourself. You should already be selling life insurance to millennials, also known as generation Y.
After all, this market already has families and lives that need to be insured. According to LIMRA’s U.S. Consumers Today: The Generations report, only 34 percent of Gen Y owns individual life insurance and 39 percent said they would buy life insurance within the next 12 months.
But why is this generation not reaching out to advisors, when a lot of surveys and reports indicate that they are interested in financial advice, planning and buying life insurance? In honor of Life Insurance Awareness Month, here at LifeHealthPro.com we asked a few of the industry’s experts on millennials and insurance how to reach out to this digital-native generation. We hope that their responses will give you ideas on how to sell life insurance to Gen Y.
LHP: What captures millennials’ attention?
“I believe that millennials are a generation attached to the Internet at all times. They are extremely savvy shoppers who will undoubtedly go to the Internet for answers. I think the majority of insurance shoppers are now going online for research. So I prefer to approach this market via the Internet. For my business, I use effective search keywords supplemented by some pay-per-click ads, social media, and email as ways to approach this generation.” – Brian Greenberg, president and owner of True Blue Life Insurance, an online insurance agency that sells only life insurance, and CompassQuote Insurance Services.
“Millennials grew up in a customization nation. This is the generation who didn’t get a teddy bear. They went to Build-a-Bear and made a bear just for them. They get their very own customized coffee, with their name written on the cup, at Starbucks. My recommendation: Customize everything! And that includes customization of benefits packages. I like to bring up with Millennials that it pays them to review their benefits. There could be benefits within benefits. For example: The Hartford, my corporate partner, offers travel insurance and ID protection with its group life insurance. These are value-added features that could help save time and money, right now.” – Lindsey Pollak, millennial workplace expert and The Hartford’s spokesperson.
“Technology and ease of process. I find that millennials have zero interest in filling out a paper application, having an in-home visit or taking a medical exam and waiting four to six weeks for an answer. The millennials I work with prefer a dialed-in website (that is mobile friendly), communicating via text message and buying no medical exam insurance as their entry into life insurance ownership.” – Nic West, Brokerage Director at Pinney Insurance Center Inc., a National insurance brokerage that specializes in servicing the needs of the tech savvy, next generation agent.
LHP: We know that millennials are always connected to the Internet. More than having a social media presence, is there anything specific to social media and millennials that we should pay attention to?
“Millennials will also make sure you have a Twitter account, Facebook Business page, LinkedIn and a nice website before ever calling or taking action with you. Reviews, reviews, reviews – Millennials want to read reviews (check out Yelp)! Millennials want to make sure you are responding to other social media inquiries, answering questions on Twitter, replying to a question posted on your Facebook page, etc.” – Nic West.
“I advise carriers, brokers and agents to think like a retailer. Millennials have grown up with an online retail experience that includes peer reviews (aka user generated content). For example, my partner, The Hartford, posts claimants testimonials on its website – video and text. Millennials can hear what others, like them, have to say about the value of life and disability insurance.” – Lindsey Pollak.