life insurance costs

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

 

Gain peace of mind on National Insurance Day

by ExamOne on June 26, 2017

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 less expensive than most people think. Working with a life insurance agent can help you find a policy to fit any budget. At LifeHappens.org, a nonprofit organization that helps educate the public on the importance of insurance, there is a “life insurance needs calendar” to help calculate how much insurance is needed and an “agent locator” to help find a local professional to explain and discuss options. It’s also important to remember that by completing a health exam during the process may allow a healthy individual to obtain better premiums.

It is imperative to plan for an individual’s and family’s future in the case of an unexpected death or injury. Financial hardship such as unpaid mortgages, funeral costs, and medical expenses are one aspect of these unfortunate events. Obtaining a life or disability insurance policy is one of the best ways to help plan for these situations. Examone can provide peace of mind by showing the simplicity of the process to protect your family. Learn more at MyExamOne.com.

Three Reasons You Should Purchase Life Insurance

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I look forward to September every year because it’s when I get to share my enthusiasm for the importance of life insurance to an even broader audience than normal. ExamOne has always been a strong supporter of Life Insurance Awareness Month. And this year, it’s an even more exciting time since according to the MIB […]

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We’ve talked a lot this month about the declining rates of individually owned life insurance policies. Consumers tell us one of the reasons is the perception that it “costs too much.” One of our predictive modeling tools, Risk IQ, has shown promise in getting more individuals into preferred classes and has the potential to get […]

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Make Every Holiday Season Happy: Give the Gift of Life Insurance

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Do you remember all the gifts you have given or received during the holidays? Probably not. Gift cards, sweaters and DVDs can only go so far in life. Stop shopping this year for forgettable items and give something outside the (gift) box. Though you may not find it at the top of any list, the […]

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Smoking Tips and Health Benefits

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In our previous blog, we gave a breakdown of the costs a smoker will spend on cigarettes alone. On top of spending nearly $20,000 in ten years on cigarettes alone, a smoker is paying a lot in their health risks. When an applicant quits smoking they will have money added to their pocket and potentially […]

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Smoking and the Hidden Costs

November 21, 2012 Producers

In our first blog article, we defined what cotinine is, how it is related to smoking and explained some of the myths insurance agents might hear from their applicants in regards to their smoking status. This week, we would like to share with you some staggering statistics on smoking and tobacco use in the United […]

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Paramedical Exams: Preparing Applicants for a Life Insurance Examination

April 11, 2012 Producers

As a life insurance agent, properly preparing potential clients for paramedical exams is extremely important to your bottom line. To the average consumer it may seem like a simple physical but the fact is, the results of a paramedical exam will directly impact their out-of-pocket cost for life insurance coverage. This is why it’s so […]

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