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Do Millennials Think About Life Insurance?

By: Olivia Slade-Silovic | April 23rd, 2018

When talking about targeting audiences, sales and marketing professionals are giving their best to find out their preferences, interests and where they like to spend their money. Of all the audiences any industry can target, one stands out as pretty unpredictable – millennials. Now in their 20s or 30s, millennials are the spending their money differently than previous generations. To them, experiences and emotions are much more important than buying houses or cars. So, what is life insurance for millennials? How does it fit into a life of traveling, meeting new people and learning new things?

First of all, millennials are not aware that life insurance is cheaper than they believe it to be. According to the 2017 Insurance Barometer study by Life Happens, young people overestimate the cost of life insurance, and a large portion of them mistakenly think they can’t qualify.

 

“Many people don’t look for life insurance because they think it’s too expensive,” says Marvin Feldman, President and CEO of Life Happens.

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Millennials have a big shopping advantage now because prices go up with age, as life expectancy decreases and the chance of developing health problems increases. The real question is how can insurance companies create life insurance for millennials when talking about its average cost?

Millennials and the online world

There is one stereotype that people use when they want to describe millennials, and that is that they are lazy, passive and addicted to the social media world. Even though this is an unfair and untrue stereotype, one thing can help insurance professionals get closer to millennials – social media. Young people love its networking opportunities and creativity, and there is no reason why the insurance industry should stand aside and not participate in the online world.

The priority when targeting millennials is to digitize marketing strategies and simplify the customer experience. To be precise at targeting, you have to really know where your customers are. Without any doubts, millennials are on social media. Many insurance companies have already launched their customer service on Facebook and Twitter. In 2017, AXA France launched its customer services on Facebook Messenger and achieved impressive results: 81% of questions on social media came from Messenger and negative comments were reduced on the AXA France Facebook page by 53%.

 

“The priority when targeting millennials is to digitize marketing strategies and simplify customer experience.”

 

It’s important to create an effective content marketing strategy and position a brand on relevant social media. It offers a dynamic and diverse place for insurance professionals to approach the millennials. With social media, it’s possible to capture their attention and to choose the most effective ways of engaging them.

 

Life insurance for millennials: Use videos

It’s a big challenge to engage millennials who are unlike any other generation before. However, if you have information about where and how they spend their time, there’s a way. With video, insurance companies can create marketing campaigns that can significantly engage the youth. Using great marketing skills, life insurance for millennials will become more and more convenient for them. This is the generation that grew up with social media, and it is no wonder they embrace new trends faster than any other generation.

 

Video is one of those trends. It allows viewers to get more information about the brand, company culture, and its interests.

 

How do millennials spend their money?

People usually spend money on products they like, but millennials spend money on products from companies they like. There is no better way to represent your company than with video. Let your young potential customers get to know you by sharing the experiences of your employees. Team buildings or other company events are great for that!

 

Additionally, millennials will appreciate you more.

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The question is not whether or not you should be on social media to get closer to millennials. The real question is what content should you publish to create a circle of trust with them. Don’t wait a minute more to educate them!

 

Make sure your life insurance for millennials is the best one on the market!

 


Covideo provides video email software that helps businesses and individuals communicate more effectively, build relationships faster and reinforce their brands with easy-to-make personalized videos.

 

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