Millennial is a word used to describe the young generation of the 21st century. However, the term has quite an ambiguous definition as both media and society have had countless takes on it. And rightly so! The millennials seem to have unconventional choices that have even forced the market to change its dynamics. Speaking of this, the rise of consumerism has got a lot to do with the millennials because of their obsession with luxury. They have an indifferent approach towards real matters like health, finance, and investment choices. The want to “fit in” and squander has driven them off the track. In fact, millennials have not shown any signs of interest in having an insurance policy as more than 75 percent are uninsured, according to Bestow, an online life insurance platform. This was not something common amongst the past generations.
We know you must be wondering why considering the fact that millennials are thought to be the smartest of all the past generations. Let’s explore the three top reasons to see as to why an important aspect like an insurance policy has taken a back seat with the millennials, which in fact, should have been a priority.
- Lack of Patience:
Many of them are avoiding getting tied up in an insurance policy as they see it as a really laborious task. Moreover, millennials think that should they get themselves in an insurance policy, they would have to answer a long trail of intrusive questions which they do not really want to get into. In their eyes, it is an exceptionally time-taking and tiring process. Others do not want to be nagged by their neighborhood life insurance agent, so what they do is they avoid speaking about it in its entirety. To sum up, they simply want to avoid anything they believe is tedious and apparently, complex.
- They are Clueless:
It came as a surprise but millennials who actually want to pursue an insurance policy are super clueless about where to begin from. Well, not in the ways or channels they have become habitual of. The millennials want to keep their distance from things requiring a bunch of paperwork. They have become so used to everything being done digitally that they look out for those life insurance carriers who can accommodate them digitally. About 28% of millennials prefer to buy life insurance online. And, with everything just a mere click away, we can’t deny but agree that it is natural for them to look out for the options that are available online.
- A False Sense of Security:
The millennials have this absurd mindset that there is always going to be a tomorrow to fix things. They seem to take an insurance policy as some unnecessary and an absurd concept due to which they tend to even ignore their eventual mortality. Furthermore, ever since these free online funding sources have cropped up, the millennials seem to believe that they can rely on them should they encounter any difficult moment which realistically is somewhat not possible.
- Millennials are skeptics:
When it comes to being unconventional, millennials often believe that their contribution towards the monthly social security is of no good.
Although many might not merely know where to start, but this age group does have some faith in alternative medicines and holistic therapies apart from visiting the friendly old physician.
If the right approaches are invested in mainly, this age group, it can undoubtedly expand the idea about their investments, and their loved ones protected with facilities such as taking care of their medical bills or even help you pay off the debt and replace loses too.
Like mentioned earlier, the approach should take an interactive path while building business stratigies, which enables open and two-way communications. Only when their opinions are into consideration and feel important, they will give genuine feedback. This process will build a testimonial database, and word of mouth plays an enormous impact on their decisions.
- Millennials are not prepared:
Since its all planned and sorted out for the day, what if there is an unexpected tomorrow?
One thing the current plan lacks is the retirement plan. Yes you heard that right! They will need alternative sources of income once they hit it up there. So unless there are a magic wand and Zuckerberg charm along you, the retirement plan should include 401(k) retirement plans and any other tax advantages to growing as much as possible.
So, as long as the millennials evolve a system they support, it is going to help them in the future otherwise the downside crumbles in no time.