Applicants

More than 174 million Americans purchased gifts between Black Friday and Cyber Monday this year — and millions more will before the end of the year. Shopping has become synonymous with the holidays for consumers of all ages. From older buyers being loyal to their favorite brands, to younger people doing extensive research online, seasonal shopping habits may also reflect how consumers shop for life insurance.

Let’s take a glimpse at the purchasing trends of 3 very different, yet important, generations of consumers — Millennials, Generation X, and Baby Boomers.

Who are our shoppers?

Millennials are 18-36 years old and make up the largest generation in our history at approximately 92 million. According to the Insurance Barometer Study from LIMRA and Life Happens, 51 percent of this age group does not have life insurance.

 

Generation X are 37-52 years old. These individuals are often described as the “sandwich generation” because many are responsible for both their children and aging parents. Financial priorities of living expenses and building a savings account take precedent over buying life insurance for this generation.1

 

Baby Boomers are 53-64 years old. They make up approximately half of the U.S. population and control 70 percent of the nation’s disposable income. Although they are rapidly getting used to technology, and according to ImmersionActive.com the fastest growing demographic online, they still prefer face-to-face meeting concerning their financial planning.2

Make shopping for life insurance easier

Knowing the shopping habits of these consumer groups can help all of us tailor our offers and messaging to their unique purchasing preferences. When 83 percent of all age groups rank “easy to understand” as the most important factor when purchasing life insurance, we should all take this advice when communicating to the consumer.1 The above data also helps us determine a few more “shopping tips” for these audiences:

Millennials: This group wants and needs more information on the benefits of life insurance. Approach them and educate them on the benefits and affordability of coverage.

 

Generation X: With competing financial priorities they like to see options. Education on cost and availability will help them make decisions.

 

Baby Boomers: They are loyal customers that are becoming more technological savvy. Relationships with these clients are important to ensure they are comfortable to seek your advice.

 

 

Today, many are still seeking the perfect last-minute holiday present. However, life insurance professionals are available year-round to help consumers of all ages find the important gift of protection with life insurance.

  1. 2017 LIMRA and Life Happens Insurance Barometer study
  2. http://www.genre.com/knowledge/blog/boomers-golden-years-golden-opportunity-en.html

 

Today, more than 30 million Americans have diabetes, with 7.2 million still undiagnosed. Additionally, the Centers for Disease Control (CDC) estimates there are 84.1 million people with pre-diabetes. [1] Each November, during Diabetes Awareness Month, we are reminded to focus on the growing crisis and share knowledge about diabetes and its impact on millions of Americans. 

Actions for change
The CDC and the American Diabetes Association (ADA) are working to reverse the diabetes epidemic in America. As a leader in the life insurance industry, ExamOne has been contributing to that cause since 2016, when it became the first company in the industry to update insurance profiles to include A1c testing on all applicants. Based on this testing we have found that 73.5% of pre-diabetics (A1c 5.7-6.4) and 17.8% of presumptive diabetics (A1c 6.5+) pass unreported to underwriting.

For those who are diabetic or pre-diabetic, maintaining a healthy, active lifestyle is critical in managing the disease.

Stay active ­– A simple 20- to 30- minute walk each day can help spur weight loss and improve Body Mass Index (BMI). In individuals with type 2 diabetes or pre-diabetes, maintaining a healthy weight can help lower insulin resistance.

Eat well – Managing diabetes doesn’t mean you have to sacrifice tasty foods. Check out some of these fun, healthy recipes from the ADA.

Know your health – Although many Americans do not receive regular health check-ups with their primary care physician, it’s important to know current health status to stay ahead of diseases like diabetes. Known diabetics should have regular check-ups and monitor their blood glucose daily.

Results for a healthier life
As part of the life insurance process, applicants can view their laboratory results securely online at MyExamOne.com within two weeks of their exam. Knowing these results helps increase awareness of their current health status and empowers applicants to lead a healthier lifestyle if needed. Learn more about ExamOne’s Inside Look® online laboratory results at ExamOne.com.

[1] https://www.cdc.gov/diabetes/pdfs/data/statistics/national-diabetes-statistics-report.pdf 

 

UPDATE: Debunking the myths: the facts about cotinine

September 21, 2017 Applicants

We are continually getting more data around smoking and life insurance. This popular post from 2012 has been updated with recent research. According to the Foundation for a Smokefree America, smoking is the single most preventable cause of death and disease causing more fatalities than cocaine, auto accidents, AIDS, alcohol, heroin, fire, suicide and homicide […]

Read the full article →

How much does life insurance cost a Millennial?

August 23, 2017 Applicants

I recently shared something very private in a very public forum. It may even be something you do, too. No, it wasn’t a deep dark secret – it was my monthly subscription spending! Yes, I’m that person. I have gym memberships, product deliveries, online movie service and several other monthly fees that totaled more than […]

Read the full article →

5 summer safety tips to help protect your family

August 10, 2017 Applicants

1. Water awareness Did you know that drowning is the second leading cause of unintentional death in children from ages 1-14 in the United States? Even with gates surrounding pool areas, lifeguards on duty, and the protective eyes of parents, it still isn’t enough to stop drowning completely. Below are some tips to assist with […]

Read the full article →

Join together on World Hepatitis Day

July 28, 2017 Applicants

Each summer, the World Health Organization commemorates World Hepatitis Day on July 28 to spread awareness and understanding of the disease and its impact. Hepatitis is one of the world’s leading causes of death, and there are 325 million people living with the disease. That is why it is important for the world to join […]

Read the full article →

Gain peace of mind on National Insurance Day

June 26, 2017 Applicants

National Insurance Day is recognized this year on Wednesday, June 28.  It is a great opportunity to review current life insurance coverage or obtain new insurance. Life and disability insurance can offer peace of mind in the face of financial catastrophe due to illness, injury or even death. The truth is that life insurance is probably […]

Read the full article →

Screenings can save lives

March 2, 2017 Applicants

Did you know colorectal cancer is the third most commonly diagnosed cancer and the second leading cause of cancer-related deaths in men and women in the U.S.? Although the mortality rate has been declining for several decades, the American Cancer Society (ACS) estimates there will be more than 135,000 new cases and over 50,000 deaths from […]

Read the full article →

Protect your family: There is nothing more valuable than your health

February 20, 2017 Applicants

Protecting your family and loved ones are very important responsibilities. However, you can’t protect them if you are not healthy yourself. Early in the year, “health” goals are especially popular. Health and laboratory screenings are a couple of ways one can better understand his or her health status — and getting them may be easier […]

Read the full article →

Welcoming busy applicants with choice and convenience

January 18, 2017 Applicants

Location, location, location. This is a common catch phrase in real estate, but it’s also becoming more important to life insurance applicants as well. In today’s busy and very mobile society, consumers—including life insurance applicants—want options that best meet their on-the-go lifestyles. To meet this growing consumer demand, ExamOne gives applicants a choice when deciding […]

Read the full article →