Americans Under the Age of 25 Estimate Life Insurance Costs to Be 4x Its True Cost
Jun 29, 2016
Individuals who don’t have life insurance, particularly young Americans, tend to overestimate the costs of various life insurance policies, and not just by a little bit. The most recent Insurance Barometer Study by Life Happens and LIMLA found that Americans under the age of 25 estimate life insurance costs to be four times as great as they actually are.
What does this mean for you?
It means that there is a large, virtually untapped market of adults who would love to have life insurance but don’t have it.
What can you do about this?
Market the life insurance products you sell to young consumers, using engaging strategies that will grab the attention of young Americans and bring them to your desk. Discuss the various types of life insurance with these individuals, and push products that are well-suited to them and in your interest to sell.
Everyone benefits. First and foremost, you will give uninsured and underinsured adults the gift of peace of mind that comes with having the right life insurance policy. Your client base is likely to expand, and your profit margins could rise considerably. Society will benefit as well, as more consumers who don’t think they can afford life insurance realize they can afford it, buy it, and tell their peers about it.
How do you do this?
A truly savvy insurance broker knows he or she needs help, help from insurance marketing specialists and financial professionals with strong connections in the insurance industry. Helpful apps, calculators, webinars, and other tools are among the services Brokers Alliance provides. We also offer personalized support to those who join our network of trusted financial advisors.
Want to make sure you reach this demographic before the market becomes oversaturated?Call Brokers Alliance at (800) 290-7226, and ask about the tools and resources that will best help you reach young, uninsured and underinsured consumers.