Finding the Right Millennials for Your Life Insurance Offer
In the rush to capture the Millennial market, too many marketers are relying on oversimplified stereotypes rather than data. These 80 million Millennials have an estimated buying power of $200 billion. Every major life insurance company is eager to lock them in to their first policy. The problem is most insurance marketers have no idea how to market to Millennials. The problem is compounded by the fact that while the average Millennial is now in their 20s, the average insurance agent is pushing 60. The question is can the generation that raised Millennials now turn around and market to them?
For life insurance marketers, separating Millennial myth from reality is the key to success. While popular perception says Millennials are single and living at home or sharing an apartment with friends, the reality is that sizable segments within Millennials are shouldering significant family responsibilities. According to a MetLife study, 55% of Millennials are married or in a domestic partnership. Millennials account for 80% of the births in the United States. Of those children, according to our calculations, every year over 900,000 are born to single Millennial parents without a life insurance policy in place.
Single parents are just one of several life insurance segments identified in our free ebook, The Essential Guide to Marketing Life Insurance to Millennials. Download your copy today.
Bodden Partners specializes in marketing all kinds of insurance to a variety of audiences from affinity groups to demographic segments including Millennials, Gen Xers, Boomers and women. Contact us today for a free consultation.