Are Millennials mature enough to have the hard nose conversation about mitigating financial risk? They seem mature about finances according to some of the most recent articles online. Many millennials are more aware of their money practices than any other generation. What is the problem? Why aren’t millennials making great decisions to implement proper insurance coverage? What is all the fuss about? Check out the latest state according to LIMRA concerning millennials and life insurance posted by the American College Of Financial Services.

The millennial generation generally disregards the need for life insurance and is typically happy to avoid the topic altogether. A survey by Life Happens and LIMRA revealed: “29 percent of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing their coverage.”If this statistic isn’t telling enough, the same survey showed that “60 percent of millennials said it was more important to pay for expenses like internet access, cable, and cell phones than purchase some or more life insurance.”

The title of this article was “Millennials Don’t Think They Need Life Insurance”. Insurance professionals and financial advisors have taken their investment to learn more prospecting methods and sales ideas to reach the millennial generation. And, based upon the numbers, these methods are not working. No matter where your experience is placed on the numerical scale, you have to take the Diverse Legacies approach. Here is blueprint to millennials:

Leadership is undeniable.

John Maxwell informs us in his writings that “Everything Rises and Falls on Leadership. Leadership rises and falls on communication.” Everyone needs leadership. Especially millennials. We are so dumb about life, it makes no sense. We really believe that we are invincible and the universe is ours for the taking. Everything is on our terms. So, in order to break into the market, you have to give a millennial something they are not used to. That is leadership. Leadership is undeniable even when it is silent. The agent or advisor must literally sit across the table from the married or single millennial and envision them as their own children. How would you lead your own children to the promise land? You would do it with true honesty, realness, and love.

Break The Millennial Mindset.

Millennials can be very arrogant. They are readers. They know a great deal and know nothing about the insurance industry at the same time. So as you have them sitting across the table or beside you, you must break their mindset. Bust their bubble. Poke their ego. We have story of a millennials couple in our office stating that “insurance is just a bill and we can do without.” Negating the fact that a baby is on the way and they just moved into their brand new house. One working a contacting job while the other was in school. My response to the millennials: “I understand. See, our firm serves adult families who love and care for one another. They really know how to provide for their family. I do not get that impression or feel from you. So, I am going to stop this meeting now because I will not waste your time. Clearly, the both of you are not READY for adulthood and that it OK.” Then I got up from my chair and opened the office door. Yes, the couple literally left. As an agent or advisor, there are times when you have to give tough love in order to sleep at night. You can not be a Yes man or a Yes woman. You have to care for the millennial. Sometimes that means poking holes in their theory about life, family, and their future. This also means, that you might lose them to another agent. It’s ok. You planted the seed that got them insured. Nine out of ten times, they will come back!

Parent The Millennial.

I did not stop there after our meeting. I sent a text to the young husband letting him know that he had a great responsibility in front of him. Also informing him that I would keep in touch. I have kept my word. I am also pleased to say, I have this couple as clients/friends of mine and there is nothing I wouldn’t do for them. Millennials are still babies. You have to parent them in the process of doing the best thing financially for their families. Most of the millennials we serve have never had the conversation of life insurance with their parents. Can you imagine that! Can you even blame them? No, you can not. Instead of leading with a sales idea or some trick to get them to buy, try parenting. Many insurance agents and advisors are parents. Hopefully, you have done the necessary things to help your children see the value our products have. The millennial market is open. Forget the data. Start parenting the millennial prospects and I bet that you will have much success.

This article was written by Brentley Wright, Creator of Diverse Legacies.

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