Working with millennial customers
In recent months, we have engaged with many millennial clients. For all the criticism of millennials, our experience with this demographic has been rather positive.
Working with millennials is a different experience than with older customers. People in their 40s, 50s and 60s generally have set views of insurance. They have heard of insurance, they have had experiences with insurance, and they have their set views on insurance that may or may not be positive.
On the other hand, the millennials were completely open to learning about insurance. They had done some research about the various products on the market and asked many questions to enhance their knowledge further. This inspired us to create the best possible solution for them which in turn ensured peace of mind for both sides.
Millennials are just starting out in life. They may have purchased their first property or landed their first really good job. In other words, they are taking on greater responsibility and with that comes the need for more coverage.
In order to put them in the know about the coverage they need, we often have more than one meeting. The first being for educational purposes to give them a solid understanding of the basics of insurance. Following that, we create a proposal and present it at a second meeting.
Our millennials ended up going for the full complement of life, disability and critical illness insurance (CI and DI) because the rates for those policies being so favourable at their age. One challenge with life insurance for millennials is that the rates can still be a fairly high percentage of their income today. However, that percentage will improve as their incomes grow. Plus, they have the possibility of locking in their life insurance rates for 30, 40 years or even for the rest of their lives. CI and DI they can lock in until they’re 65 years old.
Wherever our customers are coming from, our role as brokers is to determine their needs and take away their stress so they can focus on the things that matter to them. Call us today if this something you need to review in your life.