{"id":17391,"date":"2019-10-16T12:52:00","date_gmt":"2019-10-16T17:52:00","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/millennials-need-your-help-not-your-boomering-insults\/"},"modified":"2019-10-16T12:52:00","modified_gmt":"2019-10-16T17:52:00","slug":"millennials-need-your-help-not-your-boomering-insults","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/10\/16\/millennials-need-your-help-not-your-boomering-insults\/","title":{"rendered":"Millennials Need Your Help, Not Your Boomering Insults"},"content":{"rendered":"\n
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\nThe insurance industry has consistently been confounded by how to reach the millennial generation.<\/p>\n

\nConsisting of those born (roughly) between the mid-1980s and the late 1990s, this is the generation that grew up just as the internet was exploding on the scene. It\u2019s also a generation that\u2019s highly skeptical of many of the traditional business tactics the insurance industry employs.<\/p>\n

\nPart of the difficulty with selling insurance to millennials has to do with this generation\u2019s very real feelings of financial insecurity.<\/p>\n

\nA recent Wall Street Journal article points out that millennials are behind in key areas versus previous generations, such as income, homeownership and starting families. Because the generation came into adulthood just as the economy turned south from the housing market crash, many millennials feel financially insecure.<\/p>\n

\nThat financial insecurity ultimately leads to less spending on anything that may seem unnecessary in the short term, especially insurance products.<\/p>\n

\nStill, it\u2019s possible to get millennials to understand the value of insurance products, or the need for secure retirement planning. There are simple, non-intrusive ways to approach millennials on why certain insurance products and financial planning are necessary, and to help them understand how such purchases can be made affordable.<\/p>\n

\nUnderstanding Millennials Helps<\/h2>\n

\nIt would be a big mistake to underestimate the maturity and skepticism of the millennial generation. Note that millennials are often aware of how much their generation has been maligned. There\u2019s a near-constant barrage of news articles about everything millennials are killing, millennial self-entitlement or millennials\u2019 over-sensitivity.<\/p>\n

\nWhat rarely gets attention, however, are the positive news articles that point to the fact that people in their 20s and 30s actually work hard, save their money well and are incredibly complex, positive and open to change.<\/p>\n

\nThese positive factors are something to take to heart before interacting with millennial prospects and can be used as a starting point for conversation. Millennials are distinctly interested in financial planning and retirement, and many may not realize the cost and cost-saving benefits of life insurance and health insurance.<\/p>\n

\nYou can broach the subject of insurance products with millennial prospects based on an assumption that they understand money and its value. Many are also open to and willing to accept the idea that insurance and retirement savings are valuable but may not believe their financial situation makes such financial decisions possible.<\/p>\n

\nProduct Focus More Realistic<\/h2>\n

\nWith millennials delaying marriage longer, buying houses later (if at all) and having fewer kids, you will need to change your product focus.
For example, single millennials will have a hard time seeing the value in many life insurance products. However, many millennials have an immense sense of social responsibility. You might find that millennials are interested in charitable giving riders, which pay an additional small percentage of the policy\u2019s amount to charity.<\/p>\n

\nYou\u2019ll also want to put more emphasis on lower-cost term life insurance products over whole life policies. Many people in their 20s and 30s may not realize that the monthly cost for a life insurance policy can be as little as $23 per month.  
As a general rule, no matter the investment area, target your products and your sales strategies to your customer. <\/p>\n

\nTalk To Them, Not At Them<\/h2>\n

\nThe millennial generation has developed a very strong dislike and distrust of corporations, big businesses and traditional sales tactics. That skepticism makes millennials difficult to sell to, especially for insurance agents.<\/p>\n

\nIt\u2019s not impossible, however, particularly because millennials vastly appreciate agents who talk to them as a person and appear approachable. That may mean ditching any scripted sales pitches you\u2019ve used in the past, and re-inventing the way you talk about insurance products or retirement investments and savings.<\/p>\n

\nConsider This Approach<\/h2>\n

\nWhen you hit a Google search to look for information, what articles do you find to be the most trustworthy? You\u2019ll most likely trust those articles that get right to the point, discuss a topic conversationally and offer practical advice without making a sales pitch \u2014 instead of focusing on what\u2019s known as the \u201ccall to action.\u201d<\/p>\n

\nThis approach works when trying to interact with millennials for insurance, as well. Instead of selling, be informational. Instead of trying to instruct them about the value of insurance or investments, have a conversation. Don\u2019t deliver the sales pitch until you feel the prospect is interested. And when you do deliver it, don\u2019t be aggressive. Millennial clients need to feel comfortable with the decision, and too much pressure means they\u2019ll be quick to walk.<\/p>\n

\nHere are a few examples of phrases you might use for this conversational style:<\/p>\n