The Generation Y market is a huge and largely untapped market for life insurers, which is bursting with opportunity and need. But, unlike their parents, Gen Y clients need a little more convincing to see that life insurance is still something they should highly consider and incorporate into their financial portfolio.
Believe it or not, Gen Yers are money savvy and are in-tune with their financial outlook. HealthLifePro.com reported that about 83 percent contribute to a 401(k) plan, and nearly 50 percent are auto-enrolled in a savings plan sponsored by their workplace.
Because of this, it’s important that when you talk to a Generation Y client about life insurance that you make the connection between financial planning and life insurance, and focus on life insurance being a portfolio asset for retirement.
For example some life insurance products, like index universal life (IUL), can accumulate cash value which you can use…
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