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.

millennial.jpg

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.


Who benefits?

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.



Category: Life Insurance

Category List


Tag List

Gift (1)
PPC (2)
MYGA (10)
key person (1)
Annuities (36)
Life Insurance Trends (21)
Life Insurance (96)
Beneficiary (2)
myAdvisorCloud (4)
Healthy Living (1)
end of year (1)
Financial Legacy (6)
life 101 (2)
Waste Management Open (1)
Alternatives (5)
Compliance (1)
Death Benefit (2)
Income (1)
Universal Life Insurance (4)
Benefits (1)
Quoting Tools (1)
life insurance quotes (1)
private pension funding (1)
Financial Planning (20)
Breast Cancer Awareness Month (5)
Premium Finance (5)
resources (2)
Training Event (1)
LifeBrain (1)
Life Quotes (4)
buy sell agreement (1)
products (5)
Facebook (2)
Annuity Concepts (13)
Life Insurance Brokers (6)
Content Building (2)
Protection (2)
Annuity (3)
Brokers Alliance (8)
2019 (1)
Star Wars (1)
Retirement (13)
Millennials (6)
presentations (3)
Brokers (2)
business owners (4)
Asset-Based LTC (1)
Sales Concepts (18)
Income Planning Academy (1)
PIA (2)
BlackRock (1)
Life Insurance Update Show (9)
rates (1)
DOL (2)
Looking Forward, Giving Back (1)
premium deposit account (1)
consumer marketing (8)
Immediate Fixed Annuities (1)
Tips (4)
business planning (6)
Legacy Planning (1)
Legacy (1)
digital tools (1)
sales presentations (2)
hiring (6)
Brokers Alliance Open (1)
Donation (1)
Retirement ACE (1)
agent resources (1)
living benefits (8)
industry trends (1)
virtual sales (3)
Production (1)
social security (2)
final expense (1)
Retirement Planning (24)
Economy (1)
quoting (1)
Index Universal Life (1)
Life Insurance Check Up (7)
online resources (1)
Advice (1)
review (2)
Best Rates (1)
PBR (1)
advanced planning (2)
Social Media (8)
Additional Earning (1)
Cash Value (1)
Retirement Strategy (4)
indexed universal life (2)
injury (1)
Investments (2)
Leaderboard (1)
Sales (25)
Inflation (1)
Hybrid Products (1)
guaranteed universal life (1)
networking (1)
Retirement Investment (3)
Fixed Annuities (9)
Market Exposure (1)
Generation Y (1)
march madness (1)
FIA (1)
Charity (2)
Executive Bonus Arrangement (1)
Webinar (4)
Clients (2)
sales kit (2)
Illustrations (1)
permanent life insurance (4)
Health Care (2)
savings (1)
term (6)
tools (2)
funeral (1)
advanced markets (1)
Life Insurance Broker (15)
Featured MAC App (2)
Charitable Giving (3)
business owner solutions (1)
Product Updates (1)
E-App (1)
Baby Boomers (1)
Quotes (1)
MAC App Feature (1)
case studies (3)
Tax Benefits (2)
Video On-Demand (2)
Annuity Update Show (11)
Marketing (14)
IUL (15)
illness (1)
Brand Values (1)
analysis (1)
guarantee (1)
underwriting (1)
Insurance (21)
business solutions (4)
IRA (1)
leads (6)
Prospecting (6)
Market (1)
earning opportunities (1)
estate planning (2)
Pitch (1)
Alternative Investments (2)
Indexed Annuity (3)
Gender Gap (1)
life happens (1)
Mobile App (1)
trends (1)
Media (2)
business (1)
RMD (1)
Breast Cancer Research (1)
Roth (1)
Social Optimization (3)
Deferred Fixed Annuities (2)
CSO (1)
MAC (4)
term life (10)
life concepts (1)
Required Minimum Distribution (1)
Interest Rates (1)
Life Insurance Awareness Month (6)
Variable Annuities (1)
Financial (4)
selling (1)
Life Insurance Evaluation (8)
Long Term Care (5)
non-med (3)
life insurance awareness (1)
gul (4)
Fixed Indexed Annuities (2)
training (9)
Long-Term Care Awareness Month (1)

Tag Cloud

BenefitsProduct UpdatesInflationTraining Eventlife insurance awarenessadvanced marketsCharityprivate pension fundingTax BenefitsRetirement InvestmentBrokersBaby BoomershiringPPCInterest RatesFacebookMAC App FeatureinjuryLife Insurance EvaluationSalesIndexed Annuitybusiness planningHealthy LivingAdviceleadsillnessLife Insurance Update Showsales kitestate planningDOLbusinesscase studiesInsurancefuneralRetirement Strategysellingearning opportunitiesBrokers Alliance OpenMarketBlackRockkey personagent resourcesbusiness ownersSales Conceptsterm lifetrendsExecutive Bonus ArrangementanalysisreviewtrainingMACAlternativesFixed Indexed Annuitiesadvanced planningAlternative InvestmentsFixed Annuitiesend of yearRetirement ACEmyAdvisorCloudLeaderboardLife Insurance BrokersVideo On-DemandHealth Carelife happensFinancial PlanningBeneficiaryproductsnetworkingRequired Minimum DistributionBreast Cancer ResearchSocial OptimizationProspectingDonationbuy sell agreementguaranteed universal lifeStar WarsGeneration Ypermanent life insuranceonline resourceslife conceptsbusiness solutionsVariable AnnuitiesunderwritingratesClientsLife QuotesUniversal Life InsurancePIAAsset-Based LTCLife Insurance BrokerAnnuity Update Showpresentationsnon-medguaranteePBRFeatured MAC AppInvestmentsbusiness owner solutionsWebinarBreast Cancer Awareness MonthProductionBest RatesBrand ValuesIllustrationsLife Insurance TrendsHybrid ProductsLife Insurance Check UpLong Term CareMarketingWaste Management OpenLooking Forward, Giving Backlife insurance quotesconsumer marketingE-Appmarch madnessRetirementMYGAgulresourcessocial securitylife 101quotingLegacy PlanningtoolstermsavingsContent BuildingDeferred Fixed AnnuitiesLong-Term Care Awareness MonthRothBrokers AllianceLife Insuranceliving benefitsQuotesRetirement PlanningCSOComplianceIncome Planning Academydigital tools2019Life Insurance Awareness Monthpremium deposit accountAnnuitiesRMDMobile AppLifeBrainvirtual salesAnnuityEconomyMarket ExposureDeath BenefitCash ValueQuoting ToolsIRASocial MediaAdditional Earningindustry trendsTipsIndex Universal LifeFIAAnnuity ConceptsMediaPitchindexed universal lifeIncomePremium FinanceFinancial LegacyProtectionGender GapLegacyIULMillennialsFinancialsales presentationsImmediate Fixed AnnuitiesCharitable Givingfinal expenseGift


Archive