|Millennials Want to Own Homes and Have Families, but May Not Have a Plan to Protect Them|
In observance of Life Insurance Awareness Month,
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
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
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
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.