Millennials most 'at risk' generation when it comes to life insurance

Nov 19, 2018

  1. Insurance Forums Staff
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  2. Life Underwriter
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    Life Underwriter Expert

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    Unfortunate, indeed. I have a very healthy amount of insurance in force, but most of my friends, who are Millennials, feel that either A. Their work coverage is plenty or B. They don't need it.

    Sadly, most people do need it and need more than their employer provides. No, not everyone, but most.

    For the cost of a pizza or two a month, Term coverage (the only kind people need) is very affordable.
     
  3. rousemark
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    rousemark Still Here!

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    Gee.. I guess people who outlive their term whose investments didn't turn out as expected didn't need any type of permanent insurance.. Or the millionaires that are taking advantage of the tax advantages of permanent insurance for estate preservation are foolish because they did agree with you. :skeptical:
     
  4. DayTimer
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    For a mother and father of children under age 22, term for income replacement and college educations should be, in my opinion, the foundation of any family's insurance program. In this respect, for many families, it really may be "the only type they need." I have written more term this month that FE as I have gotten a number of referrals from my FE folks to talk with their children. Isn't $150,000 term going to be much more of a blessing, should it be needed, than a $25,000 whole life policy to such folks?
     
    DayTimer, Nov 20, 2018
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  5. rousemark
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    rousemark Still Here!

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    I have no problem with term.. recommended and sold two $200K term polices with child term riders on a young couple at the end of October.. Theirs was a need just as you mention.. Lots of responsibilities and little money..However, we discussed their looking to convert a portion of it to permanent before they got to the age where the premiums would be very high.. I don't write term on people that want to assure there is enough money to pay their final expenses no matter when they die. Or, if they ware wanting to leave a legacy for a favorite charity or someone in their life. ..Term has its place but so does permanent.. It depends on the problem you are addressing..
     
  6. DayTimer
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    Had a couple like that tonight - she's 51, he's 55. He wants whole life FE and she is insisting they should just get "inexpensive" ten year $100K term policies. He finally gave in to her and he wanted each of them to get a term policy.

    I guess some agents would just write the apps and let the chips fall where they may, but it didn't set well with me. I told them I didn't have the correct apps to write the term (which was sort of true, though I guess I could have downloaded them to my iPad then and there) and I'd come back on Friday. In the mean time, I asked them to think carefully about why they want this coverage, If it is truly intended to pay final expenses, 10 year term is just about the worst product for them to choose.
     
    DayTimer, Nov 20, 2018
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  7. goillini52
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    goillini52 BUILD THAT WALL!!!

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    Let's go DT. One more post, and you're in the 1,000 post club. :jiggy:
     
  8. LGilmore
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    LGilmore Guru

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    How is the M generation's story any different than any generations?

    Sorry been doing this for 30 years and haven't ever found a time where the majority of people made wise decisions about their insurance. I mean I spend a lot of time with 60ish people who "now" realize that they've got another 30 years and no life insurance. Some can afford the cost at that age and some can't.

    I remember young people who are now old that thought they had this all figured out. The lack of a good insurance choice or plan isn't generational. No generation did it better than another.
     
    LGilmore, Nov 20, 2018
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  9. Rob Lion
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    I've been trying to market term to people my age (20s), and people don't think they need it or they think they will keep the third job they've had this year for the rest of there life. People past 25+ get easier to talk to but explaining the need of life insurance to kids around my age who blame the government for why they make minimum wage gets pretty challenging.
     
    Rob Lion, Nov 20, 2018
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  10. WinoBlues
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    Make them a client first.

    Here is an idea:
    The female, if she is standard = Protective Custom Choice UL $21. and the premium does not blow up in year 11. It will decrease to $10,000 at age 80. Then level DB and slowly increasing premium. a 20 or 30 year not that much more.

    $26 FE will buy a $10,000 policy. $10,000 will bury her so shallow a puppy could dig her up.

    Or a $25,000 non med GUL is $28. - $35. month Guaranteed through age 121

    Now - If they were considering a $25,000 for about $60mo. A $25,000 SIWL and $1000,000 10 year term combo fits.

    The WL can be added later.

    Make them a Client first.
     
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