One of the biggest challenges for life insurance issuers over the past few years has been the fact that young people who might, in past generations, have been primed to buy coverage are simply not doing so these days. Therefore, it might be important for these companies to do a little bit more when it comes to getting the attention of younger adults, and experts now believe they might be able to do so through the kind of website those people visit multiple times every day.
Social media might be a realm in which life insurance companies generally haven't had much chance to spread their wings over the last few years, according to a report from Life Health Pro. That's because in general, their older customers largely aren't on these sites, or at least aren't checking them very regularly. However, those hoping to reach the younger adult demographics these days will have to start doing so if they want to keep up with competitors and potentially increase their client bases.
The fact of the matter is that while baby boomers and even Generation Xers might have been willing to take on life insurance as they entered into their late 20s and early 30s and started families, millennials aren't following that path in such significant numbers, the report said. Others might be under the impression that such coverage would be too expensive for them to afford, and still more just might not see the value in it.
So how can they be reached?
There are many methods by which life insurers might be able to better utilize social media, and the best method is often to combine them, the report said. That means getting active on Facebook, Twitter, Instagram, and more. These efforts can all be interwoven so that a status update on one often posts just as easily to another, but this kind of outreach can go a long way toward at least making life insurance options more visible in a young person's daily life. Of course, they're not likely to just follow a life insurer on their own, so it might also take some targeted advertising outreach as well to get some momentum going.
The more that can be done to reach those in Generation Y, the better off life insurers might be going forward, given the size of that demographic overall. With so many likely to hit their early and mid-30s in the next decade, they could pose a significant market.