Tag Archives: Generation Y

Selling Generation Y on Life Insurance

The Generation Y market is a huge and largely untapped market for life insurers, which is bursting with opportunity and need. But, unlike their parents, Gen Y clients need a little more convincing to see that life insurance is still something they should highly consider and incorporate into their financial portfolio.

Believe it or not, Gen Yers are money savvy and are in-tune with their financial outlook. HealthLifePro.com reported that about 83 percent contribute to a 401(k) plan, and nearly 50 percent are auto-enrolled in a savings plan sponsored by their workplace.

Generation Y

Because of this, it’s important that when you talk to a Generation Y client about life insurance that you make the connection between financial planning and life insurance, and focus on life insurance being a portfolio asset for retirement.

For example some life insurance products, like index universal life (IUL), can accumulate cash value which you can use during retirement tax-free! Plus, that cash value is invested in the S&P 500, which combines investing with life insurance coverage. There is also no pre-set limit to the amount a client can contribute to the cash value account.

You can also showcase the living benefits and the value of having them in their portfolio. From long-term care, disability riders and return of premium, there are a lot of benefits to having life insurance, especially with the uncertainty of the future of Social Security.

Also, remind them that obtaining life insurance while they are young and healthy will set them up for lower premiums. Plus, they don’t want to make the same mistakes their parents did by investing too much in the volatile stock market.

In the end, Generation Y clients want to know what is in it for them. So if you can present life insurance in this way, you’ll start seeing a lot more sales from the younger generations.

Recruiting Young Agents

Recruiting Young AgentsAt National Agents Alliance we recruit a lot of different age groups and we find successful people in all the different age levels.  However, there is a terrific target group that should not be overlooked.  I am talking about a group named Millennials, also known as Gen Y-ers (80 million, born between 1980 and 1995).  They were raised by overly doting parents who coddled their self-esteem like fragile eggs. They played in soccer leagues where the score wasn’t kept and where everyone was a winner and everyone got a trophy for just showing up.

Some companies have found this group to be lazy, undisciplined, unmotivated, over-entitled, with a short attention span.  However, when vetted properly, this group, ages 18 to 32, is found to be highly educated, caring and engaged in today’s high tech world – all qualities we love in our agents.

Having seen the talent, passion and capabilities of the millennials up-close, it is clear that they pose one of the greatest strategic opportunities for our company today… all we need to do is properly select and train them.

The millennials are the largest generation to hit the workforce since the baby boomers. They are taking over whether you like it or not, and we need to hire the best of the bunch.  They fit right into the motto espoused by CEO, Andy Albright which states that we like to “Have fun, make money and make a difference.”

Millennials like to be part of a team and be active members of a community, yet they still want to be valued as an individual. They probably have hundreds or thousands of friends on Facebook, and are comfortable with an iPhone and iPad.  They exhibit the individuality and leadership traits essential for success as an NAA agent.  They are not afraid to tackle the impossible; they think really big and like to get involved in “causes,” and love the way we help protect families with our products.

This group is so far ahead in the area of technology it embarrasses older agents, and they excel when presenting our products to our target market.  To grow a big, vibrant and growing organization in National Agents Alliance, it makes a lot of sense to specifically recruit this age group.  They will train quickly, get in the field fast, and make you look like a genius!

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