Let’s start with a summary - I’m a millennial, a new parent and I needed to find a life insurance agent and get life insurance coverage for my growing little family. And I’ll admit, I knew of the types of life insurance out there, but I needed a better definition of each, help determining what fit best for me at this time and the amount of coverage I needed.
Like many millennials, life is changing quickly, we are becoming more settled in the working world, buying homes, getting married and having kids. But we may not have the coverage we need to protect our families in the future or the right amount of coverage to cover our family’s financial needs.
The Search Starts
While I was pregnant we started to ask family members where they had their life insurance, who their agent was or their financial advisor. We wanted to make sure we were ready for our growing family. However, we hadn’t reached out to anyone before the little one came.
While in the hospital we were asked numerous times if we had a will or if we’d want assistance creating one. No, no assistance needed, but thank you for the reminder that we needed to get that done. The will was the easy part, we had that done a few weeks after bringing the little one home.
However, with life insurance, we were left out on our own to find an agent and reach out to them to get that going, while trying to get a little one home and get used our new “normal”. It was definitely put on the back burner for a bit. Finally, we were able to reach out to my dad’s recommendation and my brother’s recommendation. We setup the initial meetings and then the follow-up meetings.
We wanted to find an agent we were comfortable with and felt like we had a good connection with to create a long-term relationship with, because life insurance is looking into the future and needs to be long-term. We wanted an agent that was willing to answer our questions, no matter how dumb they thought they were. We wanted to feel educated and not like we were just being sold a product. One of our potential agents provided us with a chart he drew to illustrate how the different life insurance options worked as well as showing potential rates for the coverage now and 5 years down the road. Great information for us to take home and review again.
After meeting with both potential agents, we had many ideas floating around in our heads. So I dug in and started doing my own research. I wanted to know what others were doing with their coverage, and while I know it’s not a one size fits all insurance, I was still curious to see what others said and what their recommendations were.
Finally, our research was complete, we felt more of a connection with one of the agents, even recommended him to my little brother. After meeting with him, we felt comfortable talking with him, felt like we created a great relationship with him and that he wasn’t just giving us a sales line; he was giving us recommendations to help us maximize our coverage without over doing it.
Suggestions to reach New Millennial Parents:
Help them find you.
When starting a new family, we have a lot on our mind and searching for an agent isn’t a task that gets taken care of right away. So help them find you. We were given a bag at the hospital that had gifts and info on many area businesses or services. It was nice to know of the businesses with children focuses: daycare centers, library, churches, dentists, stores, etc. But I didn’t see anything about insurance. My suggestion would be add yourself to that bag, provide a board book, a receiving blanket or discount to an area baby store for the new little one with your card in it. While assisting the new parent you have also made them aware of you!
We had very quick overviews and some rough illustrations of the coverage types (term, universal & whole), but honestly, I wanted a handout, something I could read and read again to get a better understanding of them. Let’s be honest, it’s a dense subject and not everyone understands it and having material to refer back to is helpful.
Keep them in the loop.
I value communication and have told each person that we met with that I did. Pretty much if you don’t communicate with me, I am not afraid to walk away and find a new agent. Communication offers the comfort and security I need to work with you, if you provide that we most likely will have a great long-term relationship.
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