Engaging the next generation of policyholders

Most people know that life insurance is important because it protects a family financially should a primary wage earner pass away. In fact, 42 percent of American adults say they need life insurance or they need more of it.¹ So why don’t they just get it?

For many, especially Gen Z and millennials, there are roadblocks to getting the insurance they know they need. These roadblocks include:

Cost

Nearly 75 percent of Gen Z and millennials overestimate the cost of life insurance. And more than half think the price is more than triple what it costs.²

Selling life insurance to the younger generation is likely the best selling point — it’s cheaper for younger adults.

Other financial priorities

When you are young and starting out in life, every dollar counts. It’s hard to pay extra for something that seems unlikely you will use. But so many people need it.

Forty-four percent of American households would encounter significant financial difficulties within six months if they lost the primary wage earner in their family, and 28 percent would reach this point in one month or less.³

Not sure how much they need/want to buy

• Gen Z and millennials rely on online sources to gather information about products.
• 84 percent of Gen Z use social media to gather information about financial services or products.²
• 75 percent of millennials use social media to gather information about financial services or products.²

Solutions

The younger generation may decide on life insurance before contacting you. That’s why providing information to build awareness and understanding through a variety of online channels — such as social media, digital advertising, email marketing and more — can help bring future policyholders to your doorstep.

Learn more about what’s impacting life insurance ownership and how you can help, visit LIMRA.com.