It's about time folks stopped imagining them as kids. Today's youngest millennials are well into their careers, while the oldest are closing in on their forties. So, how have they changed since young adulthood? How has their role in society evolved – and what does it mean for life and disability insurers?
Forget everything you thought you knew about millennials, because we're about to dive into the latest research.
1. Millennials care about healthcare.
Earlier this year, Case Foundation released final results from its ten-year study on millennials. One of the takeaways is that healthcare ranks high on the list of causes that millennials care about, both for themselves and their aging parents, said Peter Economy at Inc.
DI Sales Tip: Show them how disability insurance can protect their income if they become unable to work due to an injury or illness. Also, show them how both disability insurance can protect their loved ones and provide for continued healthcare for the family even if they're not able to earn an income.
2. Millennials are lonely.
"New data from YouGov finds that millennials report feeling lonely much more often than their Gen X and Baby Boomer counterparts," said contributor Jamie Ballard. They're also pessimistic about their careers and lives, according to a 2019 report by Deloitte.
DI Sales Tip: Be sure that your unmarried millennial clients know that they need disability insurance too. It's not just about providing for others - it's about making sure you can provide for yourself, no matter what happens. .
3. Millennials trust their peers.
A Millennial "is far more likely to become involved if their peers are already there," Economy said. This trend has held strong across ten years of Case Foundation research, and while the data pertains specifically to social issues, the takeaway may be a bit more broad.
DI Sale Tip: do you have millennial customers already? Survey them. Request their feedback. See if you can leverage their voices in your marketing. Share their stories and reasons for buying DI when you speak to others.
4. Millennials have less to spend than others.
Back in 2001, people under the age of 30 had more to spend than the under-30s today, according to a new report by The Resolution Foundation, whose research indicated that British millennials "have seen a squeeze on spending for 'fun.'" Judging by the Deloitte report, the same is true of American millennials, who are "paying more for education and such basics as food and transportation while their incomes have largely flatlined," reported the Washington Post.
DI Sales Tip: having less to spend means you're living closer to the wire. Disability insurance is there to mitigate that vulnerability. Help them connect those dots. Also help them get coverage that works for their budget. Having some protection is much smarter than having none at all.
For this generation, disability insurance is just as relevant as ever. In fact, one could argue it's even more important for this generation than in times past. Earning power is the one asset that many millennials are counting on to build their future. Without it, they’re deeply at risk, and this is a fact that millennials are primed to hear.
That’s because the millennial audience understands the importance of healthcare, and they know what financial instability feels like. Market your product as the source of assurance they’re hungry for, and you’ll be in a position to provide them with the additional stability they need.