Insurance planning for the millennials


Today, it is the generation of millennials as modern day youth is redefining the society. Thanks to the developing technology and the awareness about the same, millennials always try and keep themselves one step ahead. They are open to new ideas and innovations and have a fresh outlook to life. They are not burdened with old preconceived notions and like to try out new things if it promises them benefits.


Millennials are putting a lot of stress on what is good for them and how they can get the maximum benefit from a product that they buy. In this context, if you show them the benefits of insurance and how insurance fits into their requirements, they would readily buy the policy. So, let’s see how insurance fulfils the modern day requirements of millennials –


  • Term insurance and the promise of financial security


A term insurance plan promises the family of an individual financial security in case of sudden and premature death. Millennials are more aware of the financial repercussions which families face if the breadwinner dies prematurely. They are therefore keen on the idea of making their families protected against eventualities. Moreover, when it comes to debts, millennials prefer lower long-term debts so that they can be debt free within a short period of time. But what if they face death before their debts are paid off? A term insurance plan proves useful in taking care of their outstanding liabilities too. The plan pays their debt and makes their family free from its burden. A term plan, therefore, proves to be relevant for meeting the financial needs of millennials.


  • Importance of a healthy lifestyle and health insurance


Today’s millennials put a lot of importance on leading a healthy lifestyle. This has given rise to a lot of healthy habits like consuming organic food, doing exercise, eating a balanced diet, investing in fitness wearables, etc. In these times when health is given prime importance, a health insurance plan cannot be left behind. The plan covers the medical costs incurred when an infection or an injury takes them to the hospital and spares them financial troubles. Given the rising prevalence of ailments and the awareness that millennials have, you can sell them a comprehensive health insurance policy for those unforeseen medical emergencies.


  • Love for travel and motor insurance


Having a car or a bike has become a necessity in today’s age as more and more millennials are investing in a vehicle of their own. They have a love for travelling and prefer taking road trips whenever they get time. Bikes are quite popular among males as it allows them to flaunt their style and preference. As the love for vehicles has grown, so has the requirement of motor insurance policies. Motor insurance policies are mandatory by law and every millennial who owns a vehicle needs an insurance policy for the same. You, therefore, have a ready customer base for selling your motor insurance policies in today’s millennials.


Though millennials of today have a different mind-set and a different approach to their lives, their insurance requirements still remain the same. It is on you to make them understand how insurance policies fit into their modern lifestyles. Insurance offers them financial protection and this protection is necessary for everyone. While term insurance plans offer individuals a promise of financial security, health insurance plans offer a promise of financial assistance in a medical crisis. When it comes to motor insurance, though, the law of the land mandates a valid cover and so every vehicle needs to be insured. Moreover, if you find clients who are investment savvy, a unit-linked life insurance plan can also be suggested for providing them investment returns. Since they have age on their side, they can invest in equity oriented funds and reap good returns.


So, understand the psyche of today’s millennials to find out how insurance would fulfil their needs. As the population is moving towards the new generation, you need to adapt to their changing needs too so that you can grow your business.


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