{"id":18910,"date":"2020-07-08T01:00:00","date_gmt":"2020-07-08T05:00:00","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/millennial-life-insurance-sales-get-a-digital-shot-in-the-arm\/"},"modified":"2020-07-08T01:00:00","modified_gmt":"2020-07-08T05:00:00","slug":"millennial-life-insurance-sales-get-a-digital-shot-in-the-arm","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/07\/08\/millennial-life-insurance-sales-get-a-digital-shot-in-the-arm\/","title":{"rendered":"Millennial life insurance sales get a digital shot in the arm"},"content":{"rendered":"
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In the early weeks of the COVID-19 pandemic, Canada Protection Plan sprung into action.<\/p>\n

Amid rampant business lockdowns, surging coronavirus infections, and social-distancing measures, the company accelerated its push to offer full e-Policy and e-Applications for its products<\/a>. Even then, it was clear to them that digital life insurance was graduating from a nice-to-have to an absolute necessity.<\/p>\n

At that point, the company had notched March sales figures reflecting double-digit percentage growth from both a month-on-month basis and an annual basis. Since then, the growth trend has continued, particularly among the millennial cohort.<\/p>\n

\u201cI think the under-30 demographic, the millennials, are really enjoying the electronic process,\u201d said Michael Aziz, co-president at Canada Protection Plan. \u201cI think that’s enticing them. And now they’re realizing that the cost is very reasonable, especially at their age, and the process is much easier than they thought.\u201d<\/p>\n

Among clients under 30 years of age, Canada Protection Plan found that the number of life insurance policies issued between mid-March until June 2020 showed a near-20% jump compared to the same period last year. Looking at the more immediate past, those sales figures showed a 14.13% increase compared to January to mid-March of this year.<\/p>\n

\u201cAs a whole, we\u2019ve seen an increase in our sales during Q1 and Q2,\u201d Aziz said. \u201cWe\u2019ve actually seen all the demographics go up. Baby Boomers and Gen Xers are also understanding the risks that come from a negative health event, and the need to protect against that risk. But the younger consumers are probably going at a higher rate because they\u2019re seeing the opportunity and are able to consummate the sale better.\u201d<\/p>\n

Reflecting that greater awakening among young Canadian consumers, the company said it\u2019s seen a general uptrend among millennials and Gen-X individuals who may have kids to protect or mortgage payments to protect. There was also a slight preference to \u201crent\u201d rather than own life insurance, as indicated by a higher sales trend in term insurance.<\/p>\n

Aside from a rise in consumer demand, digital life insurance sales have benefited from greater adoption among advisors. As remote work becomes ubiquitous and face-to-face interactions more limited, advisors and brokers are throwing themselves into the new reality faced by their industry.<\/p>\n

\u201cPrior to the pandemic, brokers were already using the E-applications at the various companies we\u2019re offering, but I\u2019m not sure they were embracing them 100%,\u201d Aziz said. \u201cWe\u2019re finding now that as brokers have had no choice but to embrace technology, they\u2019re leveraging it.\u201d<\/p>\n

Canada Protection Plan also recently made it even easier for advisors to connect with their clients with the launch of four simplified critical illness insurance products<\/a>. Especially for relationship-focused advisors whose clients have a history of cancer and cardiac conditions, they represent opportunities to offer additional security.<\/p>\n

\u201cWe just launched the product this year, and sales are exceeding our expectations,\u201d Aziz said. \u201cAdvisors see this as a reason to reach out to their clients that have had these critical past events and saying \u2018I could never offer you this before, but now I can.\u2019 And with the very reasonable rates on our products, they\u2019re flying off the shelf.\u201d<\/p>\n

Whether this trend of increased demand in life insurance will continue is just one of a multitude of open questions presented by the pandemic. But whatever the answer turns out to be, Aziz sees just one imperative for advisors and brokers in the life and critical illness space.<\/p>\n

\u201cWe have to stay focused. Consumers need the products that we’re offering,\u201d he said. \u201cIt’s important for advisors to make those calls, contact people, and use every tool at their disposal to help the Canadian consumer get the coverage they deserve.\u201d<\/p>\n

Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the early weeks of the COVID-19 pandemic, Canada Protection Plan sprung into action. Amid rampant business lockdowns, surging coronavirus infections, and social-distancing measures, the company accelerated its push to offer full e-Policy and...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18910"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18910"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18910\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}