5 powerful conversations to have with millennial clients

Looking to Grow Your Business? Millennials Are the Answer

Millennials now make up the largest portion of the workforce. They are also ideal clients for term protection. Yet, like many, they may find many reasons not to purchase a policy.

Here are 5 impactful conversations to have with millennial clients

1. Overcome misconceptions about the cost of life insurance. As many as 65% of consumers surveyed believe that life insurance is too expensive. Younger people and people who don’t have life insurance are especially likely to believe it’s more expensive than it is. Talking about real numbers and delivering quotes gives them a clearer picture of actual costs.
2. Lead conversations about budget priorities. Living expenses, debt, and saving for retirement are top budget priorities for millennial consumers. One of the best things you can do is get an aerial view of your client’s spending and savings profile. Have a honest discussion on priorities and work with them to place life insurance on the priority list alongside other important expenses.
3. Educate them on adequate coverage for their needs. According to LIMRA, 44% of households surveyed said they would face financial hardship within six months if the primary wage earner could not work or died prematurely, while 28% said it would be within one month. That’s a sobering statistic and one reason why you need to help millennials see themselves in the data. Using a needs analysis process can help your client understand the amount of coverage they should have.
4. Address common myths about life insurance. Many millennial consumers think life insurance is mainly for burial costs. They may not realize it can help replace income or provide support in case of disability or critical illness.
5. Leverage the heightened awareness caused by the pandemic. COVID-19 has made millennials more aware of the benefits of life insurance. According to research by LIMRA, 6 out of 10 consumers surveyed reported heightened awareness, and 31% said that the pandemic made them more likely to buy life insurance.

To learn more download our free Selling to Millennials Toolkit