Younger workers more prone to purchase voluntary benefits packages

Posted on: Tuesday, August 28, 2012

When it comes to being financially prepared, younger employees are more inclined to be in favor of voluntary benefit plans than those senior to them, a new study finds.

The MetLife report, "Are You Listening? What Small Business Employees Want from Their Benefits, and How Employers Can Show They've Heard," showed that younger workers wanted a greater variety of benefits to choose from at 74 percent, more personalized benefits as it pertained to their financial circumstances at 72 percent and benefits that were targeted toward specific age groups at 71 percent. This contrasted with baby boomers, as no more than 66 percent expressed similar sentiments.

Generation Y was also more likely to express an interest in purchasing various products that can help them reach their financial goals, as 41 percent of the younger generation said they'd buy life insurance to baby boomers' 29 percent. A similar distinction was found with critical illness insurance. Younger workers said they'd be more inclined to buy it than those who were older them at 38 percent to 29 percent, respectively.

This may come as a surprise for insurance agents because life insurance leads are typically those who are in or approaching retirement.

Posted In: Insurance News, Life Insurance

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