Tag: Millennials

Insurers Must Reach Millennials and Gen Zers. Here’s How

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2022/09/12/insurers-must-reach-millennials-and-gen-zers-heres-how/

Excerpt:

Based on the widely used Pew Research definitions, the millennials are turning 26 through 41 this year, and Gen Zers are turning 10 through 25.

More than half of Gen Zers ages 16 through 24 are already in the workforce.

It’s time for carriers to innovate rapidly to respond to the buying preferences of members of these generations.

…..

As an example, if the target customers are millennials and Gen Zers who need a simple term life insurance solution, you may want to focus on instant decision underwriting and lower face amounts to meet the most basic needs.

This approach could mean that many historical riders and features are actually not necessary.

It likely also means that the tools used in underwriting need to focus on information that is available instantly as opposed to traditional methods that could take weeks or even months.

Author(s): Jeremy Bill

Publication Date: 12 Sept 2022

Publication Site: Think Advisor

Millennial Massacre Part 2: Increase In Mortality for Ages 18-39 for 2020-2021 Mainly Driven by Drug Overdoses and COVID

Mary Pat Campbell

Link: https://marypatcampbell.substack.com/p/millennial-massacre-part-2-increase

Graphic:

Excerpt:

  • About 30% of the contribution to excess mortality for young adults in 2021 came from drug overdoses.
  • The percentage contribution to excess mortality of drug ODs was not that different by age group over the 18-39 age span.
  • COVID as a contribution to excess mortality was higher for older people —- for those age 35-39, 36% of their excess mortality came from COVID in 2021. In contrast, for those age 18-24, only 17% of their excess mortality came from COVID.
  • Indeed, the youngest of the adults (age 18-24) had higher contributions from homicide (20% of excess mortality) and had comparable excess mortality contribution from motor vehicle accidents (16%) in 2021.

Author(s): Mary Pat Campbell

Publication Date: 23 Jul 2022

Publication Site: STUMP at substack

Here is the age when many Americans hope to retire

Mary Pat Campbell

Link:https://www.cnbc.com/2022/01/03/here-is-the-age-when-many-americans-hope-to-retire.html

Excerpt:

The youngest cohort, Generation Y — ages 25 to 40 — plans to retire at an average age of 59. For Generation X — now 41 to 56 — the average age is 60. Baby boomers — who range from 57 to 75 — indicated they plan to work longer, with an average expected retirement age of 68.

That’s as 83% of non-retired U.S. investors said they are confident they will be financially secure in retirement. That includes 88% of Gen Y, 82% of Gen X and 79% of baby boomers.

Author(s): Lorie Konish

Publication Date: 3 Jan 2022

Publication Site: CNBC

MassMutual Sees Crisis Hitting Younger Adults Harder

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/03/29/massmutual-sees-crisis-hitting-younger-adults-harder/

Excerpt:

About 25% of the millennials and zoomers said they’re now having trouble with day-to-day expenses, compared with 19% of the GenXers and 9% of the boomers.

Twenty percent of the survey participants in the younger two age groups said they’ve had to adjust their lifestyles to keep costs down, compared with just 14% of the GenXers and 7% of the boomers.

Author(s): Allison Bell

Publication Date: 29 March 2021

Publication Site: Think Advisor