“Life insurance is for old people. I’m young with my whole future ahead of me. Life insurance can wait, my student loans can’t. ”
Bodden Partners has conducted extensive, one-on-one interviews with Millennials about their attitude towards life insurance. And the above quote is one we’ve heard expressed over and over again. It’s one of the major misconceptions that keeps young adults, even those with serious financial responsibilities, from seriously considering life insurance. In their minds, life insurance is death insurance and death is decades away.
To be frank, the industry hasn’t positioned itself to attract younger people. The most common face in a life insurance commercial isn’t a young person in their 20s. According to a Prudential study, the life insurance ads young people recollect are those featuring senior citizens pitching guaranteed issue coverage.
Another disconnect is in the way life insurers speak. LIMRA and Maddock Douglas released a study showing that the expressions insurers use in almost every piece of marketing such as “agent,” “premium” and “rider” are often completely misunderstood by the average person outside the insurance industry.
So, as we like to say, life insurance marketing needs a facelift. A complete overhaul to refresh, renew and rejuvenate its appeal for today’s consumers. If you’d like four tips to revitalize your life insurance marketing, download our free ebook, There’s Never Been a Better Time to Market Insurance or contact Mark Silverman for a free, custom consultation.