- Reaching Gen Y when it comes to life insurance
- February 4, 2014
The Gen Y population, also known as the Millennials, are between the ages of 16 and 34. Believe or not, according to statistics, they out number Baby boomers. According to Visa, their buying power still trails that of their elders, but that will most certainly change.
One study suggests that more than half of recent college grads rely on their parents for financial help,and another reveals that over a third carry more college debt than their parents did. This contributes to a hesitation to make purchases such as life insurance, unless they’re convinced it’s necessary.
A report from Prudential Individual Life Insurance finds that insurance companies have not yet done an effective job of selling their products to Generation Y, but adds that the task may be easier than many think.
According to the report, consumers in their late teens and 20s are unlikely to perceive the life insurance industry as catering to their needs, but most say that they’re looking to purchase life insurance coverage at some point in the near future.
“While it’s clear that more research needs to be done, we know that our marketing messaging needs to meet Gen Y’ers where they are, and allow them to see themselves with life insurance,” said Joan Cleveland, Prudential’s senior vice president for business development.
Younger consumers can realize significant benefits from purchasing life insurance early in their lives. Rates are frequently a fraction of what they will be later on, and the health problems that are common to older people aren’t often an issue early on.
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