2 minute read
Employers put substantial resources towards putting together attractive benefits packages for their employees. Life insurance has traditionally been a popular benefit because it promises financial security for loved ones.
But some younger workers are questioning the need for life insurance. A recent Princeton survey found that 65% of millennials don’t have life insurance. Many millennials are entering the workforce with student loan debt and are delaying the traditional adult milestones like getting married, buying a house, and starting a family.
Millennials just need to be sure of the value of life insurance before they sign up. So here are some reasons that employers can use to encourage life insurance among millennials.
Cost
In general, life insurance gets more expensive as a person gets older. A younger person in good health can find an affordable life insurance policy. A senior citizen looking for the same policy would be paying substantially more. And as the oldest millennials are approaching their mid-30s, that window may be closing on the time for them to get the best rates.
Financial Protection
Many millennials are buried with a large amount of student loan debt. They also may have rent/mortgage payments, other debts, and medical bills. Plus, the average funeral costs between $6,000-$10,000. Buying enough life insurance can help millennials take care of these financial issues so it doesn’t fall upon their spouse or family.
Dependent Protection
Although some millennials are delaying marriage and having kids, it doesn’t mean that they are delaying these events forever. Life insurance should be attractive for anyone with dependents regardless of their age. Few people have enough savings that their dependents could live off should they die unexpectedly.
A relatively small life insurance policy can help employees mitigate these concerns and keep them invested in your company for years to come. Download the bulletin for more details.
For more information about life insurance, contact your NIS Representative.
