Report: the mammoth task of getting young people interested in life insurance
/A new Integrity Life report examines how financial advisers can attract a younger clientele. The fight for future markets report examines the challenges advisers face when marketing to younger generations as related to life insurance, with major hurdles being perceived cost and complexity.
A small focus group of 10 millennials said debt levels and being a single person without children meant life insurance was not of interest to them. Even those with children, young people have a lot of competing financial priorities. The complexity of policies was also a deterrent.
The report says the best way to capture the millennial market is to use the channels they use: social media, podcasts, review sites and YouTube. Authenticity, however, is key when it comes to getting their attention, for example, real video testimonials that can be liked, shared and commented on.
The report also recommends talking to millennials in clear language with product descriptions in plain English that get to the point. Industry jargon doesn’t go down well.
