Welcome to a new installment of “What Robin’s Reading,” our bimonthly feature that highlights what the Robin Weingast team is reading to stay current and up-to-date on the issues that will most impact our clients and their benefits planning.
We’re focusing on life insurance this month (be sure to read our recent Need to Know post on Whole Life Insurance), and paying special attention to a group of people who are most likely not thinking about life insurance at all: millennials. Millennials have taken the workplace by storm, but they are also proving to be very different from their baby boomer and Gen X counterparts when it comes to long-term planning.
We were particularly interested in this article that cites “a study from Life Happens, a consumer group formed by insurance providers, and LIMRA, the life insurance trade association, found that 29 percent of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing their coverage. And 60 percent of millennials said it was more important to pay for expenses like Internet access, cable, and cellphones than purchase some or more life insurance.”
The article goes on to explain ways to make sure that millennials are prepared – even if they don’t think life insurance is something they should worry about right now. Rather than scaring them with tales of doom-and-gloom, focus on the benefits – particularly the financial benefits.
If you, like many business owners, manage an intergenerational work place, it’s important to understand the millennial mindset. If you need help making sure your benefit plans are tailored to your staff’s needs and financial goals, contact the Robin S. Weingast & Associates team today.