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Life Insurance for Millennials

November 3, 2023

In the evolving landscape of the life insurance industry, a new demographic has emerged as a promising market: millennials. While just 48% of millennials currently own life insurance, 50% report that they plan to get coverage within the next year.1

Life insurance, which provides financial support in the event of an unexpected death, can be an important part of an overall protection plan. Life insurance sales are also a productive way to grow your book of business. Because traditional sales approaches may not resonate with millennials, it could be time for a shift in life insurance marketing strategy.

Why millennials need life insurance

Student loan debt

Many millennials carry student loan debt. In the event of an untimely death, this debt can be transferred to co-signers or dependents. A life insurance policy can help protect loved ones from inheriting this financial burden.

Support for loved ones

Millennials are reaching the age where they might have dependents relying on their income. Life insurance can help provide financial security for these dependents if the insured were to pass away.


A life insurance policy can help ensure that a mortgage is paid even if something happens to the policyholder.

Business obligations

Millennials who are business owners may have business-related debts and obligations. Life insurance can help provide the necessary funds to keep the business running in the event of the owner’s death.

Potential for lower rates

The cost of life insurance tends to increase with age. Millennials may be able to lock in lower premiums by purchasing life insurance earlier in life.

Selling life insurance to millennials

Focus on education, not selling

This group tends to be skeptical of hard-sell tactics. Instead, focus on providing valuable information and education about life insurance for millennials, positioning yourself as a trusted resource.

Use relatable messaging

In your life insurance marketing and conversations with customers, use real-world examples and scenarios that resonate with millennials’ experiences and aspirations.

Leverage social media

Many millennials grew up using social media, and now, 86% are on it every day.2 As you think about how to market to this group, use these platforms to help educate them about the importance of life insurance and how it could benefit them.

Provide digital tools

This group is tech savvy and appreciates the convenience of digital tools. Provide online calculators, digital applications and other tools to facilitate their decision-making process.

For insurance professionals, we offer tools to use with customers before they buy that offer a comprehensive look at features and potential benefits of Nationwide® life insurance.

Highlight customization

Millennials value personalization. Educating them on how life insurance policies can be customized for their individual needs can be a compelling selling point.

Simplify the process

Millennials appreciate straightforward, streamlined processes. Make the process of purchasing a life insurance policy as simple and hassle-free as possible.

The future of selling life insurance is likely to be dominated by millennials as well as Gen Z. Updating marketing strategies to appeal to these generations is not just beneficial but essential for survival in the competitive insurance market. Selling life insurance to millennials requires understanding their values, leveraging technology and adopting a customer-centric approach. Taking these steps can help you tap into this vast and growing market segment.


  • 1

    “New Study Shows Interest in Life Insurance at All-Time High in 2023,” LIMRA, (April 24, 2023).

  • 2

    “Millennials, Social Media, and Politics,” The University of Texas at Austin’s Institute for Media Innovation (February 2019).


    All protections and guarantees are subject to the claims-paying ability of the issuing insurance company.

    Be sure to choose a product that meets long-term life insurance needs, especially if personal situations change — for example, marriage, birth of a child or job promotion. Weigh the costs of the policy and understand that life insurance has fees and charges that vary with sex, health, age and tobacco use. Riders that customize a policy to fit individual needs usually carry an additional charge.

    Products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.

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