Most people don’t realize this, but the oldest millennials as of 2019 are 38 years old. Although the term millennial is sometimes used to equate to young people, the actual millennial generation is at the age where they’re starting their careers, families, and making important life decisions—like what life insurance they should buy.

About only 10% of millennials have enough life insurance to cover all their needs, and around 48% aren’t comfortable with their savings. Maybe it’s miseducation about life insurance itself that causes this low amount of coverage, or a combination of possible issues. The typical amount of life insurance a millennial needs for complete coverage is $452,000, but the average amount of life insurance a millennial has is $100,000. This leaves a huge gap to fill.

There’s a multitude of opportunity with this generation, yet so few millennials are actually insured. So how can you reach millennials when it comes to selling life insurance?

Maintain technology focus

Firstly, it’s important to note that millennials grew up in an age of technology. You won’t have a lot of luck putting ads into newspapers or magazines unless they’re digital. This also means that millennials very critical of technology and technological services. If you have a website that doesn’t translate well over mobile, they may leave with a bad impression of your services.

Encourage Diversity and Understanding

Another consideration is the fact that millennials are an incredibly diverse generation. Around 44% of the millennial generation is not white. About a fourth of millennials speak a language besides English at home, meaning it may be worth it to make sure you have diversity on your insurance team. People prefer connecting to others that can speak their language and understand their individual needs and lifestyle.

Understand Delayed Life Changes

Millennials have the lowest rates of marriage for the past two generations and they’re almost as far behind on homeownership. This is due to several factors such as the rising cost of living on your own and the lack of financial stability millennials feel. Trying to sell the highest package you have to a millennial isn’t going to work when they already feel protective of their money. As their life evens out and their financial situation balances, they will add on insurance they need. At the beginning, however, it’s important to make sure they know how important the basics of life insurance are and that you’re going to be there for them when they’re ready to buy more.

Millennials make up an enormous chunk of the US population, and most of them are at the best age to invest in life insurance. Keep in mind the unique qualities of the millennial generation and gear your approach to be open, technologically savvy, and understanding.