Your competition doesn’t want you to know this secret to selling life insurance to newlyweds. (We’re spilling the beans anyway.)
Ah! Those early days of marital bliss! The sun rises on the love of your life, and you can’t imagine a world without them. You wash dishes together, go on vacations together, and do the boring stuff like taxes and budgeting together. You share your dreams about the future that awaits the two of you: the house, the dinner parties, and growing old with each other.
As an insurance salesperson, the future those newlyweds have planned is the secret to selling life insurance, especially to people who may not otherwise think about something so important. Young love is a beautiful thing, but far too many newlyweds neglect one of the most significant gifts they can give their partner.
More specifically, 58% of millennials do not have a life insurance policy, according to a report published by BestLifeRates.org. Of those millennials that do, only 10% have the amount of coverage they need, according to a survey from New York Life. To top it off, the Insurance Information Institute points out that 44% of millennials vastly overestimate the cost of a life insurance policy.
What about Gen Z?
Though many of them have yet to enter the workforce, it’s worth noting that a portion of this group is in the age range to think about marriage. However, there isn’t much information readily available on Gen Z’s relationship with life insurance. Perhaps it’s fair to say that they may have an even lower percentage of life insurance ownership than millennials.
This is all good news for you, though. Why? Because the secret to selling life insurance is right there in those numbers. You have a large percentage of the population that doesn’t have any life insurance coverage at all. Nearly all of those who do have coverage don’t have as much as they need. And best of all, close to half of them (if not more) assume a policy will be considerably more expensive than it is in reality. That’s the perfect audience for a life insurance salesperson!
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Shhh… we’re sharing the secret to selling life insurance to newlyweds, but you can’t tell anyone.
You can’t sell life insurance to newly married couples if you don’t know where to find them. You could, of course, peruse the wedding announcements in every single newspaper in your area, but that could get cumbersome quickly. A more efficient approach would be to meet them where they are: online.
Millennials and Gen Z are digital natives, and with current technology, there’s almost no reason they can’t conduct practically all of their business online. What that means for you is that the newspaper ads, the direct mail, and the television ads aren’t going to reach them. Those are still great platforms for other audiences, but to reach young newlyweds, you need to be on social media sites like YouTube, Instagram, Twitter, and so on.
While you’re online, you should consider your approach, too. You can’t “sell” to this generation. However, when you provide useful, informative, or entertaining content, you can begin building a relationship. What might that look like? Think along the lines of short films, blog posts, memes, and quotes.
Write blog posts on topics like why millennials need life insurance, what to look for in a policy, or everything a person should know before they get married (including, of course, buying life insurance).
Authenticity matters.
But you can’t just set it and forget it. It’s important that you are an active part of online communities. That doesn’t mean you need to insert yourself into conversations about weekend plans. Instead, establish yourself on local forums and online communities. Register under your insurance business name and chime in on discussions around wedding planning and life as a newlywed. Suggest a beautiful spot for a honeymoon, share a link to your favorite real estate website, and congratulate people on their engagements, weddings, or other achievements. Just do it the same way you might if you were at a party and walked into a similar conversation. You don’t want to come across as inauthentic.
For that matter, be authentic and real in all your interactions, whether online, on the phone, or through emails. Marriage is a life-changing moment, and as an insurance agent, you could gain a long-term client just through being honest and personal. When so many things are in flux – housing, linking bank accounts, sharing subscription passwords – you can be a voice of calm, paving the way for a real future together.
Be upfront.
For example, maybe you don’t have the lowest rates. Be upfront about it, and point out why your rates are higher. You might have a client satisfaction rate that blows away your competition. Maybe you host personalized financial planning workshops as a free service to your clients. Perhaps you are the only insurance agency in town that donates a percentage of your fees to local public schools or animal shelters.
Whatever it is, be proactive in sharing your limitations as an insurance provider, but be quick to point out the positive side of your limits. A good story is one of your most significant assets in marketing to millennial and Gen Z generations. The sharing economy is here and growing, and that means people are more conscious of where their money is going and who it is supporting.
Want a few more ideas? Newlyweds and soon-to-be-newly-weds aren’t only online, of course. They’re going to bridal shows and wedding planners and honeymoon travel showcases. You can go, too. Life insurance may not be as exciting as an all-inclusive cruise to the Mediterranean, but it is one of the most thoughtful gifts you can give your loved ones.
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