The generational shift taking place in the workforce has led to some younger workers questioning the need for life insurance. A recent survey conducted by the Life Insurance and Market Research Association (LIMRA) shows that only two-thirds of Generation Y, also called millennials, have any kind of life insurance.
Large numbers of millennials are entering the workforce with a significant amount of student loan debt, and many are delaying traditional adult milestones like getting married, having children and purchasing a house.
Yet while these attitudes may seem to lessen the immediate need for life insurance for millennials, they are not entirely turning millennials away from the idea of life insurance.
The same survey found that Gen Y consumers are more likely to report that they will buy life insurance in the next 12 months than other generations.
Here are some reasons to encourage millennial employees to purchase life insurance.
· Cost effective to purchase earlier in life
· It protects dependents
· It protects family members from debts
· Can provide better investment than a 401K in regards to tax advantages
Are you a millennial? Do you have life insurance?
Thanks for reading.