On July 20, NAIFA participated in the #GettingMillennialsInsured Twitter chat hosted by LIMRA and the American Council of Life Insurers (ACLI). The chat was an informative and insightful discussion with LIMRA, ACLI, NAIFA partner Life Happens, and Life Happens President & CEO Faisa Stafford.
- The impact of the COVID-19 pandemic on consumer attitudes toward life insurance
- How to increase awareness of the need for life insurance
- How to dispel misconceptions about life insurance
- How to increase access to life insurance
Life Happens shared that, according to LIMRA and Life Happens’ 2022 Insurance Barometer study, Facebook and YouTube are the top two platforms that Millennials use to gather financial information. Stafford added that 70% of Millennials use FB as a source of information, the highest of any platform. Insurance and financial professionals need to leverage social media in addition to one-on-one meetings with advisors to reach Millennials where they are.
Participants agreed that the best way to dispel myths about the cost of life insurance is to educate consumers—an agent or advisor can offer solutions to fit nearly any budget. To combat myths about life insurance, Life Happens offers thorough, informational blog posts.
Participants also suggested offering simplified underwriting to increase access to life insurance. As Life Happens noted, 48% of people said they are more likely to buy insurance via simplified underwriting.
Life Insurance Awareness Month (LIAM), celebrated every September, is a great opportunity to reach Millennials to help them get the right life insurance coverage at the right price. Learn more about Life Happens’ 2022 Life Insurance Awareness Month initiative.