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Selling Disability Insurance to Millennials in 2019

Posted by The DIS Sales Team on Tue, Jan 15, 2019 @ 08:01 AM

selling-disability-insuranceMillennials aren’t as young as you think. In fact, many haven’t been teenagers for a while now. According to the definition used by Pew Research Center, Millennials were born between 1981 and 1996. This makes the youngest Millennials around 22 years old, while the oldest are around 38 years old.

Millennials have grown up, and their need for disability insurance has grown, too. If you’re not selling to them, now’s the time to start.

Millennials have a lot to protect.

Despite the reputation for spending too much money on avocado toast to afford a house, many Millennials are homeowners.

According to the Urban Institute, 32.2 percent of Millennials owned a home in 2015. Although this is a significant percentage of Millennials, homeownership for the generation does admittedly lag behind the rates achieved by previous generations. Although many factors may be at work, student loan debt appears to be responsible for at least part of the difference.

Millennials have children, too. Based on data from the National Center for Health Statistics, the Pew Research Center found that 1.2 million Millennial women gave birth in 2016, bringing the total number of Millennial mothers up to around 17 million.

Millennials have families to support. They have mortgages, student loans and other bills to pay. If they lose their ability to work due to disability, they need another way of earning an income. In short, they need disability insurance.

Reaching Millennials requires the right approach.

Millennials have grown up with computers. They use smartphones and social media, and they know how to conduct online research. Before buying something, they may look it up online to learn more about it and to check reviews.

At the same time, Millennials still like good, old-fashioned mail. According to a report from the United States Postal Service, 84 percent of Millennial make time to look through their mail, and 64 percent prefer scanning regular mail to scanning email.

Regardless of the medium businesses use to reach them, Millennials want companies to be transparent and ethical. According the 2017 Consumer Content Report from Stackla, 90 percent of Millennials say they value brand authenticity.

You can sell DI to Millennials.

Millennials are now largest generation in the U.S. workforce, according to the Pew Research Center, accounting for more than one-third of all workers. If you’re not targeting this generation, you’re missing out on a huge market.

Reaching out to them is much easier when you’re prepared with the right tools. Watch the above to learn more about how you can get started selling to Millennials, and if you haven’t already done so, download our Marketing to Millennials Toolkit.

Topics: selling disability insurance, Millennials