Life Applications Increase in These Two Age Groups
Feb 01, 2017
Since millennials have started coming of age as viable life insurance applicants, carriers have striven to make products more appealing to members of this generation. Recent data released by MIB Group suggests carriers are finally making inroads.
For two consecutive years, application activity has risen among Americans aged 44 and under. The most apparent reason for this, Insurance News Net reports, is that insurance agencies are finding ways to make life insurance products reach and appeal to younger buyers. Incidentally, applications have risen by a similar amount to members of the population over age 60. This likely has to do with the easing of pressure on lowering estate tax exemptions.
Research suggests that younger buyers prefer electronic transactions to in-person meetings and physical paperwork. Younger insurance applicants also have less patience when it comes to waiting for an insurance contract to close, preferring to wait no more than a few days. By bypassing full medical evaluations, a long-time component of most life insurance application processes, carriers are further increasing the appeal of their products to the young.
The life insurance industry may have been slow bringing their products and the process of applying for them online, but things have changed over the last few years. As a broker trying to market your products to younger generations, it’s crucial to use sales techniques that emphasize how convenient applying for life insurance is today. Provide customers with the flexibility to control their application process from start to finish. And be transparent about the products you sell and their terms.
For decades, younger adult Americans have been the most uninsured group in the country. This has not changed, but inroads are being made. By working with carriers whose products appeal to millennials and advisors who can help you hone your sales techniques to better appeal to the young, you can help make millennials a better insured generation. This will also, of course, benefit your business. To work with a group of industry professionals who can provide you with innovative and personalized support that can help you better reach the age group you wish to reach, call Brokers Alliance at (800) 290-7226. It’s what we do best.