Whether they’ve lost a loved one personally, supported someone else after a loss, or merely watched the rising death count on the news, most of your employees have experienced some form of grief due to the pandemic. These moments of suffering may leave your employees looking at their own lives and wondering what they can do to prepare for the unexpected and ensure their loved ones are taken care of. For your Millennial employees, life insurance may be the answer.
According to a recent study by LIMRA, Millennials (ages 22–40) are the most influenced by the pandemic when it comes to life insurance coverage, with 45% of Millennials saying they’re more likely to buy life insurance due to COVID-19 compared to 15% of Baby Boomers and 31% of Gen X consumers.1
Life insurance offers a simple and affordable way for Millennials to help protect their loved ones from the financial impact of their passing. It can bring peace of mind and financial security knowing that funds from a life insurance policy can help pay off debts and final expenses, replace lost income, and cover college costs for dependents.
As an employer, you have an opportunity help your Millennial employees secure the life insurance coverage that they want and need. Voluntary life insurance benefits can be enrolled at any time, providing your employees peace of mind while also boosting engagement and retention at your workplace—a win-win!
Life Insurance options for Millennials
There are two types of life insurance that can be beneficial to Millennials.
The first is a new product from Washington National called Monthly Income ProtectionSM, which is term life insurance with a unique payout structure. Rather than paying out in one large lump sum, it pays out in stable monthly payments, similar to a monthly paycheck. Employers can also choose to offer a lump-sum death benefit of up to $25,000, which employees can keep indefinitely.
The second type is universal life insurance, which provides a lump-sum payout and the ability to build cash value. Employees have the ability to control and adjust coverage levels, cash value and premiums as needs change.
Most Millennials juggle competing financial obligations, so many are drawn to the affordability of term life insurance. However, you may find that some of your Millennial employees will select both products. That’s because the lump-sum benefit and cash value components of universal life insurance, in combination with the monthly benefits of Monthly Income Protection, can help employees prepare for both large and everyday expenses.
Virtual or in-person benefits meetings…we offer both!
Washington National understands that many Millennials are busy juggling careers, raising children and managing households. For many, virtual benefits meetings and enrollments may be more convenient than in-person.
Washington National agents are equipped to perform education meetings and enrollments via video chat or phone call—or in-person if preferred. Either way, we’ll be there for your employees to educate on our products, answer questions, and help them make informed, confident decisions.
We’re here for you…and your Millennial employees!
1LIMRA, Study Finds COVID-19 Spurs Greater Interest in Life Insurance, https://www.limra.com/en/newsroom/news-releases/2021/study-finds-covid-19-spurs-greater-interest-in-life-insurance/, 2021.
Policies underwritten by Washington National Insurance Company, home office: Carmel, IN.Policies, benefits and riders are subject to state availability. Not all listed options, benefits and riders are available on all policies, and some may have additional cost.