How disability insurance can be a valuable tool for recruiting millennials

Millennials tend to be painted with a broad brush of stereotypes. Specifically, the narrative advanced in the press is that anyone 18-34 years old is inherently self-interested or financially troubled.

Most of the millennial demographic are found to be more attuned to social media and unfortunately they are alsomore saddled with debt than their parents. In contrast, these young people are also capable of being generous and appreciative of the appeal of their generation’s financial wellbeing.

Consider a recently released survey by the insurance giant Anthem. Researchers found that millennials were motivated primarily by money when it came to job offers. They were also more likely to undertake financial planning than 35-54 year-olds.

The survey also found that insurance offerings play a major role in whether millennials consider certain jobs. 35 percent indicated dissatisfaction with insurance offerings played a role in refusing or accepting a job offer.

Given this reality, researchers suggest employers must offer insurance as a tool for recruiting and retaining young talent.Efforts must do more than just focus on health insurance. A diverse insurance portfolio should be offered that includes health, life and disability coverage.

Disability insurance benefits are a win-win

For young employees, disability insurance coverage can mean the difference between weathering the storm and having to move back home. Disability insurance helps can help cover expenses like rent, groceries, student loans, and car payments.

For employers, disability insurance can save them a considerable amount of money in the long run as it enables employees to return sooner and reduce the costs of benefits administration.

How much has insurance factored into your career decisions? Does the idea of disability insurance make a job seem more desirable?

Source: Benefits Pro, “Millennials spurn jobs with poor insurance offerings,” Marlene Satter, May 22, 2017