Life Insurance Companies Should Target 31–45 Age Group to Acquire Younger Customers

BY Kathy Crosett
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Life insurance is a topic consumers want to know more about. And the recent pandemic gave them the nudge they needed. Life insurance companies should target the 31–45 age group as they saw an uptick in inquiries from these consumers, among others, about the products they offer.

Only 50% of consumers had life insurance policies in 2020. This level was a significant decrease from the 63% who had this kind of coverage in 2010. One way to continue to engage customers and prevent policy lapses is to communicate regularly about the value being provided. 

Your clients may need your help to develop a personalized campaign explaining the details of their plans on an annual basis. But the opportunities to reach life insurance target market don’t stop there. Your clients also need to know how to market life insurance.

Life Insurance Companies Should Target 31–45 Age Group

COVID-​19 encouraged consumers to think about their coverage in case the worst happened. Your clients can continue these important conservations with potential customers by targeting the right consumers with effective marketing tactics. 

The motivation to buy life insurance is particularly strong for consumers experiencing big life changes. The life insurance target market includes U.S. adults in the 31–45 age group. These consumers are in the process of getting married, having children and buying homes.

How Consumers Purchase Life Insurance

Boston Consulting Group data shows that just before the pandemic, 44% of consumers bought life insurance policies in person. After the pandemic started, 38% purchased through a hybrid process that included an online element. 

That change means consumers may be reading content online or doing searches on the topic. When they find a site that offers what they are looking for, they may be filling out an initial request for a quote online.

By age group, consumers who purchased life insurance policies through hybrid means broke out as follows:

  • Millennials 30%
  • Gen X 42%
  • Baby boomers 12%

Advertising Life Insurance

Because consumers are now researching this category online, your clients can reach them there. Branding campaigns on TV, digital video, and audio formats like traditional radio and podcasts can also highlight the key life events that trigger interest in life insurance policies.

To stay relevant, your clients should include a healthy mix of digital in their media buys. Digital advertising accounts for 57% of all life insurance advertising. 

Local agents/​brokers have an opportunity to develop personal relationships and sell consumers on what they need for this aspect of their financial planning. You can help your clients market life insurance coverage by showing them the media types that drive prospective customers to take action. 

AudienceSCAN from AdMall by SalesFuel contains profiles on Life Insurance Policy Buyers, Family Starters, and First-​time Home Buyers. Your clients might want to know that over 30% of Life Insurance Policy Buyers have responded to a traditional TV ad in the past 30 days. Similarly, over 30% of these audience members have also taken action after seeing an OTT streaming ad.

Check out the additional details in these AudienceSCAN profiles. Then talk with your local agents/​brokers about the best ad campaigns they can develop to grow their revenue.

Photo by Nikail Milov on Pexels.