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.
Learn more: Life Insurance Awareness Month 2024
1. https://www.limra.com/siteassets/research/research-abstracts-shared/2024/securing-the-future/2024-insurance-barometer—securing-the-future-infographic.pdf
2. https://www.limra.com/siteassets/newsroom/liam/2024/young-adults-and-life-insurance.pdf
3. https://www.forbes.com/advisor/life-insurance/life-insurance-statistics/#:~:text=44%25%20of%20American%20households%20would,in%20one%20month%20or%20less
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.
Securian Financial Group, Inc.
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F98557 and DOFU 9-2024
Nik Hegstrand, Account Executive for Securian Financial Affinity Solutions Client Management team, is responsible for supporting organic growth in eastern region accounts.
Web: Securian.com/financial-institutions
