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Talking to Millennials about Insurance

Use these tips to work with insurance beginners.
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A recent survey from Princeton Survey Research Associates International named millennials as the most underinsured generation.

But millennials are reaching the age where they need insurance—they’re buying or renting homes, coming off their parents’ auto insurance policies, and having kids of their own. Many millennials see insurance as a big investment and look to their agent for help finding the best coverage for the best price.

Grange Insurance helps its agents build relationships with millennial clients. Remember, millennials need to understand the basics of insurance and how it functions as a financial security net for their future.

Here are four tips to keep in mind if you want to start developing your next generation of clients:

1) Millennials need to shop smart. This generation is just starting out on its own, so price is important. Help educate millennial clients about the need for adequate coverage with these steps:

  • Determine what kind of coverage they need before talking about price.
  • Fit that coverage into their budget.
  • They will be tempted to choose insurance with the lowest price tag, but remind them that not having enough coverage could hurt them financially when filing a claim.

2) Millennials look for discounts. Help millennials find ways to save on their insurance by highlighting ways to save money, including:

  • Discounts for paying a policy in full, staying auto accident-free or, if they’re still in school, getting good grades.
  • Bundling multiple policies, such as purchasing a home and auto policy from the same carrier.

3) Millennials may not think about coverage gaps. Talk to millennials about adding extra coverage to meet their unique needs by:

  • Explaining that a basic policy won’t cover things like electronics or a nice piece of jewelry, which would be financially difficult to replace even with an average renters or homeowners policy.
  • Ask them about their most prized possessions and how they would replace them without insurance. Then explain how they can add coverage to their policy to take that financial burden off their shoulders.

4) Millennials think they’re too young for life insurance. Life insurance is essential, no matter your age. Help millennials understand the value of life insurance by sharing these facts:

  • Buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy.
  • Consider long-term disability coverage to stay financially afloat if you become disabled and unable to work due to an accident.
  • In your absence, life insurance can help your family cover unexpected costs such as student loan debt or a mortgage.
  • If you have kids, a life insurance policy can also support their education or childcare expenses.

Grange Insurance is here to help you create meaningful and long-lasting relationships with all your clients, from those just starting out to those heading into retirement. Our home and auto products offer different levels of coverages, options and prices that can be customized to the unique needs of your clients. Become a Grange agent today.


Sunday, August 2, 2020
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