While most of us are so focused on baby boomers, and preparing for Generation X right after, Gen Y is often being overlooked. This is a mistake.

Gen Y is often referred to as "Generation Me." One day, they'll hold the highest rate of purchasing power. Gen Y individuals will be able to demand more goods and services because they'll possess the money to do so. And because of these funds, they become more likely to not only demand, but desire goods and services.

This opens up a huge market for producers.

How to Find Gen Y Prospects

First, let's talk about technology.

These days, you can look up Yelp reviews on massage therapists, ratings for college professors, and opinions on independent contractors. If a consumer can't find you, that's a red flag. It means you're not an industry leader or an expert. If you were, you would be easy to find online.

But it's not just about websites anymore.

Now you need Facebook and Twitter to connect with prospects. There really is no better word-of-mouth advertising than utilizing the over one billion active Twitter and Facebook users. If you include YouTube, that number jumps to two billion.

The best part about each of these channels is that you can set them up to direct consumers back to your page. There they can find out more about you and your services. They can access your blog for up-to-date info (kept fresh) and your contact information should they have questions, or online quotes to make the process even faster.

You may not get face-to-face with someone every time, but some consumers prefer it that way.

How to Connect with Gen Y Prospects

OK, you have a working website complete with a blog that is updated daily. You participate in Twitter, Facebook, and YouTube.

Now what?

Producers must connect with consumers as human beings. Constantly pitching your products and services is going to turn a prospect off because you will sound like a robot. Put yourself in their shoes. Would you rather speak with a friend who can help you better your life, or with a business that knows nothing about you?

Before you can begin learning about a prospect, they'll have to open up to you a bit. The best way to get someone to shed hesitation is to earn their trust. The most effective way to earn trust is to open yourself up first.

Be honest. Hide nothing. Show your clients and prospects exactly what they're getting, how they're getting it, and how much it costs. The client who can pinpoint exactly what you're doing with their money is the client who allows you to make suggestions about what they should do with their money.

You have to give before you can take.

Now the ball is rolling. All the time and effort online has led a prospect to your phone number. You've chatted on the phone and exchanged a few e-mails, getting to know the prospective client in the process. All that's left now is driving this baby home.

How to Sell to Gen Y Prospects

A Gen Yer has come to you because they think they might need coverage, but aren't sure yet. It's your job to prove the benefits and show them firsthand how life insurance will provide coverage to them and their family in the future. Educate prospects on the products, the options, the variety, everything. The more they know, the more they will be comfortable with the entire process.

Best of all, the sooner you get a client started, the cheaper their life insurance will be in the long run.

Amy Chase, 28 years old and four years into her career, thinks it might be a good idea to entertain the idea of life insurance. She does some preliminary research online and comes across your website. There, you've listed key information about yourself, your expertise, and tools to help her quickly determine pertinent information such as cost. She also sees you're well connected to social media and the testimonials provided on your website sound great.

But she's still a bit confused, so she sends an e-mail.

You respond in a way that shows you truly want to help (genuine, polite, human). She doesn't feel like "Client 206" and that boosts her confidence in you. The e-mail correspondence is followed by a few phone calls where you guide her to easy-to-understand answers and clear costs.

Amy gets it now.

Her misconceptions of cost are appeased because she sees where her money is going. She understands when she'll see it again and how much of it she'll see. Finally, she understands how it grows and it's in large part thanks to you, the producer, for explaining it to her in a way that makes sense.

The Gen Y prospect becomes the client.