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

insurancecompaniesshouldtarget

Life insurance is a topic consumers want to know more about. And the pandemic in 2020 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.

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. 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 account for 57% of all life insurance advertising. 

Local agents/​brokers have an opportunity to develop and personal relationship and sell consumers what they need for this aspect of their financial planning. You can help your clients reach the target market for life insurance by understanding the media types that drive them to take action. AudienceSCAN from AdMall by SalesFuel contains profiles on Life Insurance Policy Buyers, Family Starters, and First-​time Home Buyers. Check out the details in these profiles and then talk with your local agents/​brokers about the best ad campaigns they can develop to grow their revenue.

Kathy Crosett
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-​owner of several small businesses in the health care services sector.