Here's how you sell life insurance to millennials

2. Give the customer full control.

Growing up with access to high-speed Internet and smartphones has made millennials accustomed to an on-demand lifestyle. They rely on Google to provide the answers to most of their problems. Being in control of life situations is very important to this age group, but this can become a challenge if they face a problem that they cannot figure out on their own. (Yes, this includes everyone who has ever made a self-diagnosis using WebMD.)

Significant research and consideration typically precedes the application and purchase of a life insurance policy. People should have control over their major life purchases, and sometimes the best way to do that is to let them do the legwork themselves. Letting people go through the application and selection process on their own, with customer service available when needed, helps provides assurance that they have selected exactly what it is they want in an insurance plan.

3. Be transparent.

For many millennials — and, really, for consumers overall — a clear approach to purchasing insurance, especially term life, can be difficult to identify. We recently attended a LearnVest Live event and spoke with people of all ages and backgrounds about their current life insurance policies, with most people revealing a lack of confidence in the amount of coverage they currently have or need.

The first step should be helping prospective buyers answer the core question: ‘How much coverage do I really need?’ From there, providing a straightforward application is key. Allowing Millennials to compare and select different quotes, term lengths and plans gives buyers the confidence that they’ve purchased the best plan for their life stage. Additionally, implementing a ‘plain language’ policy allows for prospective buyers to read through the full terms and policy offerings with clearer, consumer-friendly wording,  in stark contrast to the legal language of most policies.

Looking at industry trends overall, it’s common for millennials to research and purchase products and services online. This shouldn’t be any different for their insurance policies. Complex products and sales processes that don’t resonate with this demographic mean they could potentially forego an important coverage. Instead, the focus should be on providing this age group with an easily accessible and understandable solution that puts them in the driver’s seat.