Insurers wondering how to engage the Millennial Generation may have to fine-tune their marketing efforts or find more innovative products to pitch. According to market researchers at the University of Massachusetts-Amherst, as a result of the Great Recession, a younger cohort of this group has emerged with very different values, desires and lifestyles.

Millennials, aka the Gen Y or ME Generation, are called that based on their common birth range -- from 1980-1999 -- giving a child born in 1980 time to grow into adulthood and be able to reproduce their own offspring at the turn of the millennium. The Millenial generational cohort, say researchers, was born after 1981. They are the children of the Baby Boomers and the younger siblings of the Generation Xers. They are the largest cohort, numbering about 75 million, after the 78-80 million Boomers.

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