In observance of Life Insurance Awareness Month, Anthem, Inc. survey
finds only 39 percent of millennials consider life insurance to be an
INDIANAPOLIS–(BUSINESS WIRE)–Though the majority of millennials plan to marry, have a family and buy
a home, an Anthem survey reveals that they may not have a long-term plan
to ensure their future financial wellness. This survey, showed that of
millennials surveyed, only 39 percent believed it was important for an
employer to offer life insurance.
This statistic is particularly startling when research has shown that
though many millennials are delaying marriage and family, the majority
of this generation does eventually want to get married—70 percent—and
have a family—74 percent1. An even higher percentage—93
percent—plans to own a home at some point2. It’s important to
note that this generation also has the highest level of student debt of
any generation3. However, it seems that millennials are
missing an opportunity to protect their future families from the burden
of these debts, should anything happen to them.
“Millennials may be underestimating the security that life insurance
offers them,” says Nick Brecker, president of Specialty Business at
Anthem. “This benefit is a key way to protect the 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.”
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
Americans4. By 2030 they are expected to comprise 75 percent
of the workforce. The same Anthem survey revealed that those ages 18 –
34 (53 percent) are significantly less likely than those ages 55+ (69
percent) to agree that they understand the coverage/benefits provided by
their life insurance plan. It’s possible that millennials don’t consider
life insurance to be as important a benefit, because they don’t fully
understand it. It would behoove both employers and insurance brokers to
educate their millennial workforces on the benefits of life insurance
and its role in a comprehensive integrated health care package.
“Millennials have great hopes for the future, and it’s imperative that
they consider tools like life insurance to protect that future,” says
Tracie Foster, director, product and business development at Anthem.
“Employers and insurance brokers can play a major role in helping their
employees understand that for less than a cup of coffee a day,
millennials can protect the homes and families they’ve planned.”
With low incomes and high amounts of debt, it’s easy to see why
millennials might dismiss the cost of life insurance—after all, they are
healthy and young—and planning for a family that doesn’t even exist yet.
It is, however, for all those reasons that they should utilize
life insurance as a long-term financial planning tool, not just for
them, but for the families of their futures.
This report presents the findings of an online omnibus survey 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 work 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 we were
to replicate the study, we would expect to get the same results within 3
percentage points 95 times out of 100.
About Anthem, Inc.
Anthem is working to transform health care with trusted and caring
solutions. Our health plan companies deliver quality products and
services that give their members access to the care they need. With over
74 million people served by its affiliated companies, including more
than 40 million within its family of health plans, Anthem is one of the
nation’s leading health benefits companies. For more information about
Anthem’s family of companies, please visit www.antheminc.com/companies.