Millennials and the baby boomers are two generations who currently make up the majority of the population in the United States. Understanding how each generation thinks and what they want helps determine more about their life insurance needs.
Let’s explore the perceptions about each generation. See if you fit into either. Then let’s consider the critical role of life insurance for seniors, young adults and everyone in between.
Who Are Millennials?
Some millennials are referred to as Generation Y. They follow generation X (who are part of the generation referred to as baby boomers). The people in of this generation are those who were born between the years 1980 and early 2000. Depending on their location, millennials are often highly dependent on technology. They are tech-savvy and familiar with all types of technology in communications, media and digital. And millennials want products and service quickly, much like the way technology operates.
That’s why we introduced online life insurance quoting. By clicking on any of the green “View Life Quotes Now” buttons on our site, anyone can quote life plans, submit applications and enroll right away. Oftentimes with very little underwriting. Whether it’s permanent, universal or term life, we have you covered.
Who Are Baby Boomers?
People who belong to the baby boomer generation were born between the years 1940 and 1964. Most of the people in this generation were born after World War II and the Great Depression. This generation grew up with hopeful expectations that the world might get better with time. In the US, this generation controlled 65% of the nation’s total disposable income by the end of 2021.
We, of course, serve this group too. They may be in search of life insurance for estate planning purposes – or smaller funeral expense policies. While these can all be quoted online as well, we’re happy to help the more traditional way. If you’d rather speak with someone while exploring your options, then contact us today. This way you’ll be sure you’re finding the most suitable coverage for your needs and budget.
Life Insurance For The Generations
While baby boomers control 65% of the nation’s total disposable income, that does not necessarily make them the most powerful generation. Recent research studies have indicated that by the year 2025, millennials are going to be controlling about 75% of the entire global market.
Both generations are earning income, accruing assets, and caring for their loved ones. As a result, they want to protect these assets and preserve wealth for their families and business partners. These people are parents and integral members of companies. Their death could be financially devastating to those left behind.
Life insurance helps ease financial stress. There are also life insurance policies that build cash value for future emergencies. In many ways, life policies can be used while you’re living. Whether it’s to borrow against for a big purchase – or an accelerated death benefit to pay for a chronic illness – life insurance can do it all.
Millennials and Life Insurance
The best way millennials can prepare for a great future is to shop for life insurance while they are still young and just starting out on a chosen career. Many millennials have student loans or business startup costs to account for. Shopping for insurance at this time yields many benefits, such as:
- You lock-in lower premiums. If you are young, it is likely you do not have health issues. This drastically reduces your life insurance premiums.
- You have eliminated the worries about going without. You’ll know your loved ones and/or business interests are well protected.
Baby Boomers and Life Insurance
There is no doubt that baby boomers have a lot of responsibility and many people depend on them. For boomers, life insurance is a necessity. Having a good policy will help maintain the family’s standard of living in the event of injuries or death. Life insurance can also cover the increasing costs for funerals, taxes, mortgages, and other expenses.
Getting life insurance is a necessity that transcends generations. While buying insurance in your youth has advantages, it is never too late to get a good life insurance policy to protect the people you care about most.
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