Life Insurance Quotes

New report suggests life insurance companies should market more to young people

10/03/11

Mintel Comperemedia, a competitive intelligence provider for businesses looking to enhance their direct marketing techniques, recently released data indicating that U.S. citizens under the age of 45 lack adequate life insurance coverage.

Although many life insurance carriers market toward the Baby Boomer generation as it grows toward retirement, Mintel suggests more insurance companies that provide life coverage should be courting younger generations.

"Perhaps this is partially a function of marketing activities," said Gary Wooley, director of Insurance Consulting at Mintel Comperemedia. "When carriers market life insurance directly to consumers, they overwhelmingly continue to target those over the age of 45 - effectively alienating other potentially lucrative demographics."

Mintel found that 85 percent of consumers age 46 and up saw direct mail volume in the first six months of 2011 related to life insurance coverage, compared to 15 percent of consumers aged 18 to 45.

Life insurance coverage typically comes much cheaper for young applicants because they generally possess less risk than their older brethren. Although life insurance is usually geared toward those with dependents, purchasing a whole life policy can have its benefits down the road for the insured should they purchase the policy at a young age.

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