Life Insurance: A key component to recruit top talent
Recruiting and retaining top talent is a key goal of any employer.
With much of that hard-to-reach talent in the Millennial and Gen Z generational pool, where the same young adults are reaching major life milestones, life insurance may be a key way to reach that target demographic.
In fact, 41% of Millennials and 26% of Gen Z respondents reported that a major reason as to why they have life insurance is because their employer provides it (Insurance Barometer Survey, Life Happens and LIMRA, 2023).
One of the top three ways that Millennials and Gen Z prefer to buy their life insurance is at their workplace (Life Happens and LIMRA, 2023).
As an employer, providing your employees with life insurance not only serves as a leg up over competitors when recruiting new talent, but it also shows your current employees that you value them and are committed to providing both them and their families with the resources necessary to make sure that they can be financially secure.
“Life insurance is the cornerstone of any benefits packages that employers can offer their workforce,” said Janet Buzil, senior vice president for product innovation and delivery at Combined Insurance. “With a little education, it’s financial protection that your employees and their families can understand. And if you’re not offering it, it may be something that keeps you from attracting and retaining the top talent you need to be successful.”
However, providing your employees the opportunity to purchase life insurance through the company isn’t enough. It’s also important that you provide resources to help your employees understand the benefits of life insurance as well as how much and what kind of life insurance they need to be financially secure.
Your talented younger employees are asking for help.
With 37% of Gen Z and 27% of Millennials say they ‘haven’t gotten around to it’ (Life Happens) and “a quarter of Gen Z and Millennials say[ing] that not knowing how much or what kind of life insurance to buy stops them from getting coverage,” (LIMRA) there is distinctive need for education around life insurance.
So, what are some key benefits of life insurance to promote to your employees? Life insurance helps:
· Provide financial support for care while you’re still living (through riders such as Long Term Care coverage and accelerated benefits)
· Cover schooling expenses: College and student loan debt
· Cover outstanding life expenses: Mortgage, rent, utility, and car expenses
· Cover after life expenses: Funeral and burial expenses
· Transfer wealth
· Provide loved ones with financial security
· Provide loved ones with peace of mind after you’re gone
For more information on Life Insurance, and to partner with a benefits expert who can help you explain this key coverage to your employees, contact an agent today!