Life Insurance: Marketing to Millennials
Who needs life insurance, anyway? For Millennials who are entering the family-building years, this has become a pertinent question. While they're beginning to start families, Millennials have different insurance needs than generations before them. They also like to interact in new ways, and you need to be able to speak their language in order to achieve success with life insurance marketing.
Life Insurance Marketing: Childbearing and Ownership
Two key times when people tend to seek life insurance are when they move to own a large asset such as a home and when they have children. Millennials are a little different from previous generations in both respects. According to CNBC, "fewer than 20 percent of those between 18 and 34 years of age say they're very likely to buy life insurance, according to insurance research and consulting firm LIMRA."
For Millennials, those landmarks of home ownership and child bearing are not key steps on the path to adulthood. Many are happy to rent and be more mobile. Millennials are also delaying childbearing, so they may take longer to feel like they need life insurance. Make them aware of the advantages of life insurance, even for those who rent or have not yet had children.
Millennials' Employment Looks Different
When you're working with a Millennial audience, they're likely at a job that's very different from their parents' 9-5, Monday-Friday position. They may piece together multiple part-time jobs and combine this with freelancing and entrepreneurship. This type of employment rarely comes with benefits such as life insurance. Let Millennials know that a separate life insurance plan can bring consistency, even at times when they are moving between jobs.
Millennials Are About Connection and Value
For Millennials, connection and value are very important. They want to feel like they're supporting a positive organization. You need to communicate what you're doing in the community and how their purchase of insurance contributes to the community. They also want to connect in ways that are convenient. Social media connection is a big element in their communication, so it's important to have a strong website and a social media presence that invites authentic conversation.
Make Marketing Invisible
The Millennial audience is very conscious of marketing. They're grown up surrounded by advertising on television and on the internet. If you try to sell them life insurance, they often will not listen and may actually run the other way. Instead, make your marketing invisible. Write a blog about the benefits of life insurance or discuss how to find the least expensive life insurance. Provide Millennials with helpful information, and they'll be more apt to start a relationship with your company.
With every generation comes different needs and interests in life insurance. As you hone your life insurance marketing, be aware of the generational differences between Millennials and their parents. Speaking to their specific and emerging needs for insurance in a venue that they access regularly can help you connect with this audience. If you're interested in learning more about life insurance marketing, contact the American Agents Alliance. With our networking and educational opportunities, we'll help your business thrive.