At approximately 80 million individuals, Generation Y is close to the largest population since the Baby Boomers; and they are growing up. Born during the early 1980?s to early 2000?s, these individuals are in their early teens to early 30?s, with the vast majority in their early to mid 20?s.
Generation Y (or Millennials) are known to be the ?me? generation waiting until later in life to ?grow up?. Regarding 18-34 year olds, 52% of Gen Y have large college loans and another 45% report large consumer debt, so 24% have moved back in with their parents and approximately half have taken jobs they didn?t want just to pay some bills. Just take a look at the Starbucks Barista who made your morning java who studied to be a writer, or the department store photographer who went to college to be an anthropologist.
Generation Y grew up with parents? and media, like Mr. Rodgers and Sesame Street, telling them that they are special and to believe in themselves. Therefore, as a group, Generation Y is more self-confident and socially conscious than other generations. They also are more competitive, tech savvy, and value social networking and advice of their peer group. But these youth are waiting to get married and view life insurance as something you cannot afford or something you buy later on in life. So how can you tap into this massive business opportunity and serve this generation?
Impress on the Generation Y how affordable Term Life Insurance can be. Ask the question ?Do you really want to leave your debt to your family?? Typically, Generation Y will not like to be ?pushed? into buying, but will be impressed by social media advice and use technology to show them. Paper pamphlets probably won?t get read ? show them online or with mobile electronics. Don?t be afraid to sell to Generation Y, they need Term Life Insurance as much or more than any other generation. They just might not know it yet.