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What Millennials Value Most and How to Advise Them
By 2020, Millennials and Gen Xers will own more than 60% of the country's small businesses, up from about 38% today, according to Morgan Stanley and BCG estimates (Forbes.com, July 2016).
Quick, picture a Millennial. If a couch-surfing college student came to mind, think again. The youngest is now of legal drinking age in most states and the oldest is approaching 40. We've reached “peak Millennial.” The bulk of this demographic is grown up and beginning to settle down — in their generation's unique style.
Their values might surprise you, too. Loyalty, success and family are in the top five. Safety, expertise and duty are on the rise as key values. Those values align with Millennials' interests in financial planning and purchasing insurance. Equally relevant to IDI sales, by 2020, Millennials and Gen Xers will own more than 60 percent of the country's small businesses, up from about 38 percent today. That's an opportunity indeed.
CEB Iconoculture's Values and Lifestyle Survey2 finds that:
- 19% of Millennials have life insurance today
- 26% have property and casualty coverage
- 22% have a personal retirement savings plan
Platinum Advantage and the Millennial Mindset
Now let's look at how Platinum Advantage aligns with this group's values and preferences — and how to advise Millennials on income protection.
Flexibility → Platinum Advantage. Millennials have grown up with virtually unlimited options and the freedom to choose. Think online shopping, streaming music, TV and movies on demand ... you get it. Platinum Advantage lets you and your customer pick and choose the options and riders that fit current careers and big dreams.
Population Size: 77.5 million1
Age: 22-39 in 2017 (b. 1978-1995)
Younger (b. 1986-1995)
Older (b. 1978-1985)
Buying Power: $2.26 trillion1
Median Household Income: $65,021
Married or Partnered: 60%2
Parents (of children in the home): 47%2
Employed (full-time/part-time): 56%/17%2
Graduated College: 45%2
Source: CEB Iconoculture Values and Lifestyle Survey, October 2016.
Loyalty + Family → Family Care Benefit. Nearly 40 million Americans provide unpaid care to an adult friend or relative, and of those caregivers, Millennials already make up nearly 25 percent (AARP.org, 2015). As their Boomer parents retire and age, young adults will take on more caregiving responsibilities. Appeal to them with the Family Care Benefit, which can help them replace income lost while caring for a family member with a serious health condition.
Success + Safety → Benefit Increase Rider. This innovative Platinum Advantage rider allows policyholders to increase their monthly benefit every three years to keep pace with their rising incomes.
Small Business Ownership → Enhanced Residual Disability Rider. It's designed for small business owners and other professionals who may not see an income loss immediately after becoming disabled.
Authenticity, Honesty, Expertise → You and The Standard. Millennials seek expertise and brands that deliver an authentic experience they can trust. Your expertise, partnered with The Standard’s track record and compassionate, first-person customer service, offers a combination they can count on.
Review our infographic for more fast facts and tips: Target Millennials for IDI Sales.
1 U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2015. Surveys approximately 68,000 households nationwide. Buying power and income are based on income and earnings from the previous year.
2 CEB Iconoculture Values and Lifestyle Survey, October 2016.
Source: CEB Iconoculture Values and Lifestyle Survey, October 2016.
Confidence and Compassion
A Note from Greg Ness, Chairman, President and CEO
At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.
This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.
The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.
Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.
To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.
We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.
In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.
And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.
Be safe and well, and stay connected.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.
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