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, LarsonEd.com, 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

34105

239-344-7510

LarsonEd.com

How to Choose a Real Estate Brokerage [VIDEO]

To learn more about LarsonEd’s Florida real estate and Florida insurance courses, visit LarsonEd.com or give us a call at 239-344-7510.

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

34105

239-344-7510

LarsonEd.com

Life Insurance Tax Benefits–Naples Insurance School

Many people who are uninsured do not realize the tax benefits that come with a life insurance policy.

The importance of these benefits cannot be overstated.

They can help alleviate the tax burden your clients and their family will feel in retirement.

Understanding your clients’ fears can help you understand their perspective, especially if their fears keep them (or have kept them) from buying a life insurance policy.

For example, most people are afraid of running out of money during retirement.

In fact, they often list this as their top retirement concern.

You can put their fears at ease by informing them about the possibility to access life insurance money on a tax-free basis in retirement.

This benefit is especially important for high net worth clients, they may be getting taxed at high rates to access other money, such as traditional IRAs.

 

life insurance tax benefits

Death benefits

Death benefits are often paid to beneficiaries tax-free, decreasing the tax burden on loved ones.

However, if those benefits are received as an annuity they may be taxable. Likewise, the interest accrued on a policy is potentially taxable.

Let your apprehensive clients know that some types of life insurance (for example, whole life policies) may pay dividends, yet they are not taxed like regular capital gains.

Instead, those dividends are considered a return on part of a premium paid. Therefore, they’re not taxed unless the amount of the dividend exceeds the premiums paid.

If you succeed in highlighting these tax benefits for apprehensive clients (or prospects), you’ll be more likely to assuage their fears about one of the most stress-inducing prospects of someone’s life: their passing.

For more information or to sign up for health and life insurance education, visit our website, LarsonEd.com, 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

34105

239-344-7510

LarsonEd.com

How to Attract High Net Worth Clients [VIDEO]

To learn more about LarsonEd’s Florida real estate and Florida insurance courses, visit LarsonEd.com or give us a call at 239-344-7510.

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

34105

239-344-7510

LarsonEd.com

10 Real Estate Agent Safety Tips–Part 2

September is real estate agent safety month.

september realtor safety month

And as a real estate professional, many of your clients and prospects may come to you through word-of-mouth referrals.

If you’re constantly prospecting like you should be, you’ll be interacting with strangers on a regular basis.

Although it’s unlikely that any of these stranger interactions will put you into danger, you still have to prepare yourself against the worst.

6. Have an escape route

You know how the flight attendants tell you before takeoff  to look around for the nearest exit in case of an emergency (keeping in mind that it may be behind you)?

Practice the same procedure when doing a house showing–know beforehand what the exit and entry points of the property are, just in case you get uncomfortable with a particular client.

It’s also a good practice to keep all of the doors unlocked during a showing.

7. Self defense

It’s becoming more common for real estate agents to learn self defense as a best practice when preparing to show homes.

(Check out this video from ABC News about the subject.)

There is nothing to lose from taking a self-defense course–you’ll feel safer not only at work as a real estate agent, but also in everyday life.

 

Real estate agent safety tips

8. Make yourself identifiable

Wear your brokerage or Realtor ID badge and keep your car clearly marked with your company’s name.

If you find yourself needing assistance, you will be best served by making yourself easy to identify–you can tell somebody that you have a large name tag and you are driving a car with your company name on it, both of which combined could describe only you.

9. Follow the leader

Have your prospect walk in front of you when you enter and tour the home. This way they have less of a physical advantage if they were to attempt to corner you in the home somehow.

You can gesture them in certain directions with simple points and verbal cues, such as, “the guest bedroom is on your right down this hall.”

10. Trust your instincts

If a prospect is giving you a fishy vibe, there is nothing wrong with prematurely ending a showing. 

You don’t have to tell them explicitly that’s what you’re doing, as this could lead to defensive behavior from the prospect.

Simply say that that something urgent has come up at the office and you must get back immediately.

This not only allows you to step away from the interaction, but it also creates an excuse to be on your phone looking for police assistance (when you are ostensibly messaging the office about the fake urgent event that’s pulling you away from the prospect).

Apologize as needed and tell them that someone else from the office will be in touch about rescheduling (which is not necessary to follow through on if the prospect crossed a social or professional boundary).

All in all, remember that it is your right and obligation to yourself to prioritize your safety. No potential sale is worth risking your well-being. If you feel uneasy with a client, step away as you feel appropriate.

Check out part 1 here. 

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.

Brad Larson

Larson Educational Services

13040 Livingston Rd. #12

Naples, FL 34105

info@LarsonEd.com

239-344-7510

LarsonEd.com

Underwater Florida Real Estate School–LarsonEd

We’re expanding AGAIN??

That’s right: coming in 2018 you can join our underwater Florida real estate *school*.

BYOSS (bring your own scuba suit).

underwater florida 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

34105

239-344-7510

LarsonEd.com

 

Why Real Estate Agents Should Be Blogging [VIDEO]

To learn more about LarsonEd’s Florida real estate and Florida insurance courses, visit LarsonEd.com or give us a call at 239-344-7510.

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

34105

239-344-7510

LarsonEd.com