04 Oct Life Insurance For Millennials
When it comes to engaging millennial customers, insurance companies have their work cut out for them. Millennials are the least likely to be fully engaged with their primary insurer. This generation is the largest in the U.S and will grow to dominate the market in the years to come. Studies show that the disconnect between millennials and their insurers comes from a lack of awareness and education on the topic of life insurance.
Life insurance provides a financial buffer for the people you care about if something happens to you. Typically, life insurance is brought into the equation after marriage. Many millennials are single and do not see the necessity of buying a life insurance plan.
Millennials may have college debt for the rest of their lives. Even if their parents co-signed their loans through the bank, the bank won’t discharge that debt upon your death the way that the federal government would with federal student loans. Millennials’ parents or others that signed the paperwork would be responsible for paying the full balance.
It’s probably better to buy a life insurance policy off of the internet. Millennials are accustomed to making purchases from Amazon, eBay or Etsy with just the click of a few buttons. Going through one’s options with a life insurance professional can ensure that the individual gets the right coverage for a price that fits your budget. One thing to make clear to millennials is that most agents will sit down with them and help for no cost.
Social fundraising only goes so far and is not a replacement for life insurance. GoFundMe has been a tool widely used by millennials for all sorts of situations, but this recent phenomenon is a hard burden to bear when someone is grieving. The chances of a campaign going viral are very slim, and the social fundraising sites will always take their cut as well as the IRS.
The best time is now. The younger a person is, the healthier they are. These are the two most important factors for getting affordable life insurance coverage. If you are looking for qualified insurance professionals to discuss your needs and options, AWS will help you find the best coverage fit for your personal needs.