Millennials are a thriftier generation than others, posing significant problem to agents selling life insurance.
In 2015 Millennials became the largest generation in history according to Pew research.
This means insurance agents must fully understand how millennials make their decisions when it comes to making purchases.
Most traditional life insurance practices are viewed as hurdles to a millennial consumers.
For example, in their eyes there is no reason they should have to visit your office. Paper forms should be able to be filled out online. Quotes should be instant. They should be able to make policy changes on their own, instantly if they so decide.
Convenience isn’t the only thing that matters however…
Capitalize on referrals
Many polls report millennials trust product reviews more than advertisements or corporate promises.
As an insurance agent, you need to be generating Google and Facebook reviews for your agency.
One poll reported 84% of millennials said reviews plays some to a lot in their purchasing decisions. And 29% said they would not buy insurance without reading reviews on the business they’re considering buying from.
Get your brand on social media
According to The Boston Consulting Group, in their report ‘The Millennial Consumer,’ Millennials are twice as likely to do business with a brand that has a Facebook page.
Secure Agent Leads recommends having your brand on a couple platforms and not just pushing sales but obviously sharing those referrals mentioned earlier and other useful content.
This doesn’t just apply to millennials but all consumers — according to ‘Think With Google’ 87% of consumers used a search engine when they were faced with a problem.
Millennials are not going to trust your brand if you don’t show up during a simple Google search. They are shopping online for life insurance more than any other generation.
Pitch it a different way
As mentioned before, millennials are known as savers.
Most assume life insurance is a luxury they can’t afford.
However, a term life policy will cover them as they grow through their career and oftentimes costs between $15-30 a month. Less than a week of Starbucks coffee.
Or, you can appeal to whole life as an investment opportunity.
Over time, as you already know, whole life premiums accrue a cash value.
While other insurance agents are grumbling about the difficulty of selling life insurance to millennials, you can take advantage of the 80-million strong demographic and cash in.
Need leads to attack? Secure Agent Leads has life insurance leads that are exclusive to the agent we sell to and have a strong chance to even reach out to you first!