Millennials often get a bad reputation for being behind in their professional endeavors. A stagnant economy in the late 2000s led to many not starting their careers off on the right foot. But, with the economy recovering and the average millennials are now in their mid-to late-20s, this demographic is starting to settle into their profession and accelerate in their careers.
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Millennials finding their footing in adulthood presents advisors with a huge opportunity to tap into this market for individual disability insurance (IDI) sales. This is because, as millennials attain greater professional achievements and grow their incomes, they are incurring additional financial commitments and family responsibilities. If your millennial clients were to experience a disabling health condition, many could be exposed to significant gaps in income protection.
In your conversations with millennial clients, here are five key points about IDI to bring up with millennial clients.
1. Personalized Coverage
Millennials have grown up in an era of personalization. From technology to clothing, food to transportation, this generation has come to expect customizable products that meet specific needs. The fact that IDI policies can be personalized to meet millennials’ professional milestones could catch their attention.
Most IDI plans have strong core benefits that can help clients protect their income, with accompanying riders that can help tailor coverage to match their occupation, life stage and budget. Here are a few to discuss that can help millennials as they grow personally and professionally.
2. Family Caregiving Benefits
A great example of coverage that may resonate strongly with the millennial audience are family caregiving benefits. Some IDI policies offer family caregiving benefits, which can help individuals take time away from work to care for a loved one with a serious medical condition without worrying about losing income. Not only is this benefit useful for millennials with young children but also it can allow them to take on parental caregiving responsibilities.
3. Student Loan Support
As many millennials work their way through paying off student debt, the student loan payback benefits offered by some IDI plans are worth highlighting.