Selling Life Insurance to Millennials — How to reach the 75% of millennials parents who don’t have life insurance
Welcome to the fourth in a five-part series on selling life insurance to millennials.
If you want to sell life insurance to millennials, good luck getting them to meet you face to face for an hour-long presentation and discussion. This generation is accustomed to having information at their fingertips and shopping on their phones. 63% of millennials hit “buy” on their smartphones every year, and over 50% of them use their phone to research the product first. Millennials want to drive their buying decisions, rather than have someone sell to them.
Millennial buying habits have important implications for life insurance companies trying to reach this consumer. Let’s not forget that it’s estimated that 75% of millennial parents don’t have life insurance, an untapped market that represents huge opportunities for agencies and agents. It is worth their time to connect with and sell to millennials through their preferred modes of interaction.
Millennials want to access information and research products at home, on the bus, or at work on their mobile devices. It’s not enough to count on their willingness to pick up the phone and ask questions. Millennials have a documented reluctance to use what they consider to be outdated technology. In their minds, a phone call takes too long and is inefficient. If all the information they need can be found on your website, they’ll research the difference between whole vs. term life insurance on their own.
Whether it’s through FAQ’s, blog posts, or online help, your website should do more than sell. When making purchasing decisions online, eight out of ten millennials admit that they never hit “buy” without reading reviews. And 83% of them look at online content about the product when making purchasing decisions. Your site should cater to these buying habits by also educating and giving millennials tools with which they can determine what type, and how much, life insurance they need.
But first, you need to drive them to your website. You can do through digital marketing. 91% of millennials consume their content through a social media feed. Breathe Life’s platform helps you place targeted ads and content on social media networks, where they will appear in the feed of the millennial audience.
Using our platform, one partner went from selling through one social media channel to four channels, at the same time reducing customer acquisition costs by 33% and growing sales by 18% in just 13 weeks. And our Digital Marketing Insights solution is constantly gathering data to refine and increase the effectiveness of advertising decisions.
Selling life insurance to a new generation requires shifting advertising to a mobile-friendly, digital world, providing them with the tools to research and make purchasing decisions on their own, and enabling them to apply from the comfort of their living rooms. Stay tuned next week as we dive into the final article in this series — the at-home application.