How to Sell Life Insurance to Millennials

The millennial generation (in general, those born between 1980 and and 1995) faces a unique set of financial challenges.

The average college student who graduated in 2016 carries more than $37,000 in student loan debt.

They also came of age under the shadow of America’s greatest financial crisis since the Great Depression, which leads many of them to be apprehensive to invest in the stock market.

And many millennials are small business owners—about two times more than the previous generation.

These dynamics create a unique demographic of people who may have a steady income they don’t yet know how to utilize.

This makes a wonderful opportunity for both clients and agents to provide them with life insurance services.

First, it’s good to understand the millennial mindset.

how to sell life insurance to millennials

Different priorities

For some previous generations, starting life meant starting a career at the bottom of a ladder and working there until retirement, finding a spouse early, and having kids in their early 20s.

In general, millennials aren’t following this life formula.

In 2015, the median age for first time marriage in America was 27 for women and 29 for men, compared to about 20 for women and 23 for men in 1970.

Census Marriage info

Image courtesy of United States Census Bureau

The mean age for first children for women in 2014 was 26.3.

And they’re buying homes later and less often.

Of course the housing market is out of millennials’ control, but when and if they start a family is largely a choice they are making.

Because they don’t have dependents or a mortgage, and they do have a mountain of debt, they may not see the need for life insurance.

The first step is to let them know that life insurance is not nearly as expensive as they may assume.

They may not see the value in getting coverage to support a spouse and children they do not yet have.

Three ways to help ease this opposition:

  1. Instill the importance of starting early
  2. Emphasize the relative affordability of life insurance
  3. Contradict misinformation about life insurance

Starting early

Let hesitant millennials know that life insurance doesn’t just cover funeral expenses, but it can help cover so much more, such as lost income, debt, and an inheritance.
And remind them that their rates are lowest if they start their policy young.

For example, a 20-year term policy for $500,000 could be less than $30 a month. Even in the starkest of times, $25-$30 a month can often be put aside.

Personalized policies

Inform potential millennial clients that life insurance policies are very unique to each policy holder. If, for example, they’re thinking they don’t have the same financial needs as their parents (and therefore don’t need a policy) they can absolutely get a different plan.

If they are one of many new millennial entrepreneurs, perhaps they could use a life insurance policy to protect their new company.

Digital services

Millennials expect and need online tools to help them find quotes for policies and an ability to enroll online.

By providing these tools and understanding millennials’ viewpoints, you will be more able to provide a policy that fits their needs.

For more information or to sign up for health and life insurance education, visit our website,, or give us a call at 239-344-7510.

naples real estate school

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s