Though the majority of millennials plan to marry, have a family and buy a home, a recent omnibus survey indicates they may not have a long-term plan to ensure their future financial wellness. The research suggests that only 39 percent of millennials surveyed believed it was important for an employer to offer life insurance. Also millennials are significantly less likely to understand the coverage/benefits provided by having such a plan (53 percent).
It’s no secret that millennials wield great power to influence both workforce and consumer purchasing trends. In early 2016, they surpassed baby boomers as the largest generation and now total roughly 92 million Americans. By 2030 they are expected to comprise 75 percent of the workforce.
Research shows that many millennials are delaying marriage and family, although the majority of this generation does eventually want to get married—70 percent—and have a family—74 percent. An even higher percentage—93 percent—plans to own a home at some point. It’s important to note that this generation also has the highest level of student debt of any generation.
Millennials may be underestimating the security that life insurance offers them. September is Life Insurance Awareness Month. Remind them that life insurance is a key way to protect their homes and families of their future. In the best case, life insurance offers absolute peace of mind for a family. In the event of tragedy, it ensures that no more debt is heaped on loved ones.
Employers and insurance brokers can play a major role in helping millennial employees understand that for less than a cup of coffee a day, they can afford life insurance.
An online omnibus survey was commissioned by Anthem Inc. using the field services of YouGov, from March 15 – 16, 2017. Data was collected among 905 U.S. adults, ages 18+ across the country. All survey respondents worked at a company with at least two employees. Statistical significance testing for this survey was done at a 95 percent confidence level and margin of error was +/- 3 percent. This means that if the study was replicated, you would expect to get the same results within 3 percentage points 95 times out of 100.
Jason Kinzy is a marketing manager at Anthem, Inc. and is responsible for the promotion of Anthem’s specialty business (dental, vision, voluntary, life and disability plans) to members, employers and brokers. He has 20 years of health care marketing communications experience.