Ensuring generation X is insured

By Ryan Parker

Bankers Annuity Brokerage


Insurance professionals shouldn't exclude Generation X in their prospecting. Some might even argue that this demographic needs the most coverage.

I don't know about you, but most of what I see on the Web concerning life insurance seems to be squarely aimed at two target demographics: baby boomers and seniors. But what about those of us trailing the boomers? Born between 1965 and 1978 (although many groups argue that Gen X is hard to define, the general consensus is that it includes children born between the mid-1960s to the early 1980s), this is an ideal group for advisers to work with.

Given that many of the Gen Xers are typically balancing family life with their professional lives, not to mention the tremendous amount of them who also provide care for their aging parents, this demographic needs help, and they need it now.

Advisers and professionals who underestimate this urgency are doing themselves, and countless Americans born to Generation X, a huge disservice. Consider this sad story: My auto and home insurance professional is very passionate about serving Gen X because of a terrible tragedy. He once met with a young Gen X couple with three children about their car insurance. When he brought up the notion of insuring their lives, the couple agreed it was a wise thing to consider, and said they'd get back to him the following week. Tragically, that same couple were both killed in a car accident over the weekend, without ever having the chance to revisit the agent about life insurance coverage.

Their three children were left without any financial support in a very trying time, and the relatives who took them in sure could have used the extra cash. I myself belong to Generation X, thus why I feel that focusing life insurance sales on my peers is so important. We're typically an easy sell — term insurance usually does the trick, and it's affordable enough for most families to incorporate into their budgets.

Next time you're out there prospecting, think of Gen X and what you can do for them, and what they can do to build your bottom line.