FOMO or Fear Of Missing Out is something that millennials are worried about on a regular basis in all facets of their lives- particularly their social lives. However, the fear of FOMO can creep up in the lives of employees- specifically millennials. The fact is that many millennials admit to not knowing all the benefits that their employers offer them. And
The biggest insurance benefit that millennials are missing out on? Life insurance! Here is why millennials are losing out on some valuable benefits.
They Think It’s Crazy Pricey
Millennials are not making as much as they’d like. In fact, a lot of them are still paying back student loans and trying to save for their first real big purchase. As a result, millennials often skimp out on getting a life insurance policy. However, when their employers provide this for them, more millennials are incentivized to opt-in to keep their avocado toast habit going strong.
They Think They Don’t Qualify
For the most part, millennials associate life insurance with death. And many associate death as an old person concern. However, nothing could be further from the truth. Younger candidates actually have a much easier time qualifying for life insurance because they generally live healthier lifestyles which is something insurance companies are looking for!
They’d Rather Spend that Money on Other Things
Again, millennials are riddled with debt from student loans to credit card bills, there isn’t much fun money left for the millennial to enjoy. And millennials are more and more concerned about planning their next night out with a significant other than planning for their financial future. As a result, they often forget the importance of having a life insurance plan. However, informing your millennial employees about the importance of making small steps now to help better their futures could allow them to see the benefits of a life insurance policy now.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. With The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!