What are millennials? Currently, they comprise about 33% of the workforce, and this will only increase in numbers over the years to come. If Wired is so certain about the rise of the millennial workforce, history has proven that the most likely outcome is for it to become true. Of course, this leads up to coverage for critical illness, and what it means to the millennials who are soon to be driving a majority of the insurance market.
Millennials are the younger generation, a tech-driven group of people coming to surface and change the world in more ways than one. Whether they’re selling critical illness cover plans or they’re buying insurance, they have a refined taste and strict requirements.
There’s actually a lot of misconception when it comes to millennials and their spending habits. Many will say that they spend their money frivolously while others say they put it back into retirement. In reality, they’re conscious spenders looking to get the most out of each dollar they put their hands on. This affects the insurance industry as a whole, due to the fact that they will also look closely at what each plan covers on top of what they’ll spend on monthly premiums and copays.
With that said, it’s no secret that insurance marketing will see a new spin to tailor to the needs of millennials in a better way than it has been done lately. Let’s look at the 7 anticipated millennial thoughts on monetary value when it comes to insurance coverage, shall we?
How much is the monthly premium and is it justifiable?
- What kind of coverage does it provide and what’s exempt?
The one thing that is common among all millennials is the fact that their health is one of their top concerns. They work out regularly, eat healthily, and do more to help ensure that they’ll be healthy for many years to come. As far as insurance is concerned, be assured that they’ll be covered when it comes to many ailments or injuries is all they need.
You can think of this as a need to embrace the more comprehensive coverage options. While marketing these benefits to baby boomers may not have been effective, it is with millennials.
- Are there any reasons coverage would be stopped abruptly?
Losing insurance without warning has been a concern for many, regardless of age. A millennial will always look at the risks associated with coverage and this often brings up this particular question to be answered before making a final decision. The onset of certain ailments, pre-existing conditions, and going “out of network” are just a few reasons why this would happen.
The truth is that millennials don’t like surprises. They like to live a planned life that helps them put themselves on a much more rewarding level. Hence why retirement investment is nowhere near as common for millennials as it was for the baby boomers.
- How well known is the insurance provider and what’s their track record?
If anyone knows how to research their options the best, this is one generation that does as they live and breathe technology. Some of them even think analytically. By ensuring as an insurance provider that feedback is the best it can be, it provides them with more incentive to choose you.
- As one age, does the type of coverage change or will a new plan be pushed?
It’s all about what they get in the long run. The benefits, distinct characters, and level of service all play a part to influence this newer generation to embrace one particular company over the others that are doing business in the insurance industry. It’s not rocket science, it’s just a new way of business that separates the best from the rest.
- When a doctor’s visit is embarked upon, what kind of copays should be expected?
They don’t barge in quickly to what could have a surprise waiting. This type of person wants to know right out the gate what they are in for. Providing clarity when it comes to the copays is one of the strongest marketing angles one could embrace.
- What else provides proof that it’s a truly valuable option for coverage?
It’s all about value. Especially when marketing to this new breed of people. Think about the various benefits others don’t offer that your insurance provides. They want to know that they’re rewarded for choosing the most effective and beneficial coverage options on the market.
- Does it help when one is out of work or pay for an unpreventable illness?
Many insurance options offer reimbursement or compensation of some sort when one doesn’t have an employer that will help their employees in times of needs. By flaunting this advantage when it comes with a plan, it assures them they won’t be set back due to the inevitable.