The millennial generation (also known as Generation Y) is defined as people ages 18-35. Today they represent over 25% of the US population.
Many of them entered the workforce during a time of economic uncertainty and are more risk averse and mindful of their money than previous generations. They face student loan debt as they start their professional careers post-college.
The young professional market is largely untapped. With their future earning potential and conservative approach to finances, they make good candidates for income protection and other financial products.
Below you will find unique sales and marketing tips to help you generate significant sales and grow your practice in 2020:
- Emphasize the portability and convenience of having personal income protection coverage. It’s estimated that millennials will change jobs every three years. Explain how they are in control to make decisions about their coverage. Plus, individual disability coverage goes with them – no matter their location or occupation.
- Ask your existing client base about their children and their financial needs.
- Make sure you become part of their financial conversation by asking pertinent questions. Millennials rely on recommendations and their parents are great sources for information.
- Use social media and videos to communicate the need for income protection. It’s important to build a presence on websites that millennials frequent.
- Seek out volunteer opportunities in your community. Young professionals are looking for ways to connect with their local community and businesses. Volunteering is a great way to connect and make a difference.
- Focus on the affordability of income protection. In many cases, the cost for a 28-year-old can be less than $40 a month. Yet it protects people’s greatest asset – their income. Explain that monthly premiums are often less than they spend on other expenses, such as a cell phone or gym membership.
Here’s where to find young professionals:
- Large employers that boast flexible work schedules and local community involvement.
- Young professional groups. TIP: Start with a YNPN (Young Nonprofit Professionals NetworkTM) local chapter. Find a listing of local chapters at www.ynpn.org
- Local chamber of commerce events. TIP: Many chambers now have Young Professional sub-committees.
- Graduate programs for Select Professionals, such as engineers, architects, pharmacists and attorneys, etc. Find schools near you at www.50states.com.
Get started working with young professionals today. There is a large percentage of millennials that want to purchase income protection but do not know where to buy it. They want to turn to someone they know and can trust to ask questions and to help make a meaningful decision. They will not go to the internet to purchase their Disability Income Protection.
Ask your dedicated Disability Income Sales Manager about our brochures and marketing pieces you can use to help attract millennial clients.