You probably know that Millennials are a cross-section of the population born between 1980 and 2000 (this varies slightly from source to source). Essentially today’s 20- and 30-somethings. They also represent the largest market share of potential life insurance sales ever!

This demographic is on the cusp of making longer-term financial and familial decisions, but they’re often times not ready to commit like their older, more economically aware parents.

Successful, long-term life insurance sales strategies involve learning how to align your agency with their unique characteristics and buying behavior. As they ease toward a sweet spot in age for life insurance, they’ll be ripe to absorb and learn more about life and health policies.

Customer Buying Behavior

Millennials are generally very socially connected, strapped by unprecedented student loan debt, getting married and buying houses later in life, living with their parents longer, focused more on health and wellbeing than ever before, and are about to become heirs to the single largest financial shift in wealth distribution in history. $30,000,000,000,000 dollars’ worth. Yes, that’s trillion with a “T”.

But let’s be honest, you’re not selling a retirement strategy to your Millennial leads. You’re selling preparation for inevitability. They’re generally not interested in long-term strategies so focusing on selling the retirement angle of a life policy is going to be a tough conversation.

Instead, try to break down the benefits you know already exist with life policies, but that are on the level 20 and 30-year-old life insurance prospects.

Sales Tips for Agents

Consider these angles on the benefits of life insurance to help you make a connection between the value of life insurance as it relates to what they may care about.

  1. Online Sales Tools

    Encourage each client to investigate with some conveniently provided tools that you just happened to have prepared. Surely you have some data points from your carrier company but third-party online life insurance resources offer an independent comparison.

    If you don’t have access to a good and simple comparison calculator, you might the simple life insurance cost estimator from the Life Foundation. They make is simple to understand and mobile friendly. Just what your younger customers will appreciate.

  2. Draw Some Pictures

    Literally draw a picture. Bill Whitley’s Your World Diagram is a great way to illustrate the complexities of life insurance your younger prospects. They’ll see how life insurance relates to their specific situation in easily identifiable model. You don’t need to be Rembrandt. Decent penmanship might help but to start all you’ll need are just a few simple boxes and arrows to sell more life insurance.

  3. Compare a Known Cost

    Cost will be the number one barrier of entry, especially for your younger life insurance leads.

    Try characterizing the cost into something that makes sense like a cable bill or the 4th and 5th Starbucks they might have enjoyed this month. Comparing the cost to something discretionary might help draw a more critical picture for the choice of not having life insurance.

  4. Talk Health with Life Insurance

    Since you know cost is probably THE factor, the relationship to their health, might be a close second. Model the comparison of some common health ailments that could impact the premium.

    How much does the premium increase for different, but more common ailments? Compare the healthy graph with the common ailments graph for an easy visual aid. Even for younger Millennials, time is still a valuable gauge and life insurance sales resource to help them understand they’re already in the sweet spot.

    Another barrier could be the health exam. Obvious reasons aside, people don’t prefer a health check-up. Exam results directly affect the premium cost. Who wants to take a health test where failing costs you more money for trying to do the right thing? Though it may not be a concern for these younger leads, but it’s worth a quick mention. After all, they’re as young as they’ve ever been and older now than the day before. You get the idea.

  5. Start Small

    As mentioned, you’re probably not going to find a huge amount of success pitching retirement plans to Millennials, at least not yet. Instead, start small by selling life insurance through other lines like renter’s insurance or even home insurance. Use your current lead lists and set a follow up schedule and approach your Millennial customers as they’re aging, starting a family, or once they have reached a life milestone.

  6. Private Loan Protection

    Though federal student loans can be forgiven, that may not be the case for all loans. Co-signers and even non-cosigning spouses may be liable if a loan was taken out while married if the applicant resides in a community property state. A small business owner or former student who might have had a private loan, will appreciate this added benefit.

  7. Being Homegrown Isn’t Bad

    If you’re an independent agent, leveraging the “broker” is powerful, but what about the captive agents? You can still use your carrier company as further backing. Millennials like to research so highlighting company merits is a good way to support your insurance sales pitch.

    • If your carrier is smaller and less well-known, flexibility and approachability might be of value to customers that appreciate a more “local company” feel.

    • What about in the unfortunate event of a claim? Will the bigger carriers treat a person instead of a policy number?

    • Does your carrier commit to any social causes or charities? Do they sponsor events that your audience might find comforting? Mention them.


That’s it. Easy right?

Use a combination of strategies. These insurance sales tips and marketing ideas can and should be the foundation of your larger effort in reaching younger customers.