Navigating Life Insurance for Every Generation

In today’s evolving economic landscape, the workforce is more demographically diverse than ever before. Baby boomers, Generation X, millennials and Generation Z are all present, and each has their own set of unique needs and financial priorities. These generational forces shape how employees consider their life insurance needs.

To maximize impact, employers are encouraged to create life insurance solutions that resonate with all generations — whether it be the recent graduate, first-time home buyer or those nearing retirement. By proactively addressing the evolving priorities of a diverse workforce, employers can foster greater engagement and deliver meaningful value through their life insurance program.

Key Financial Factors Affecting a Multigenerational Workforce

Each generation faces unique economic challenges that influence how they approach life insurance needs.

• Baby Boomers (1946 – 1964): Focus on estate planning, wealth transfer management and final expense protection.
• Generation X (1965 – 1980): Prioritize income protection, mortgage coverage and planning for college-related costs.
• Millennials (1981 – 1996): Manage student debt, safeguard new mortgages and build long-term financial stability.
• Generation Z (1997 – 2012): Start with foundational coverage that can expand as major life milestones occur.

Approaches to Multigenerational Life Insurance

Customizable coverage — Provide employer-paid base coverage with an option for employees to purchase additional coverage to meet their specific financial needs. Consider including services offering financial planning, grief support, legal services, ID theft protection and estate planning with the life insurance program.

Education — Deploy a multicommunication strategy tailored to each generation’s unique requirements. Communicate often and in a variety of ways to connect with employees in all life stages. Clear, concise messaging combined with a layered delivery system (digital tools, printed materials, in-person meetings or webinars) are key to ensuring employees feel included and are well-informed.

Empowerment — Create accessibility and ease of use by offering tools and resources to assist employees with decision-making and selection, including benefit and cost calculators as well as streamlined enrollment solutions via portals and digital apps.

Employment transition — Incorporate portability into the life insurance offering to help bridge the coverage gap during employment transition. Changing jobs is becoming more frequent, and a portability option provides an opportunity for employees to maintain life insurance coverage and ongoing financial protection.

As the workforce continues to evolve, thoughtful consideration of all generations in a life insurance offering can be a powerful tool for employee well-being, satisfaction and retention. With a holistic approach that embraces technology, customizable products, ongoing education and tools to navigate coverage needs, employers can ensure their employees are protected at every stage of life. Ultimately, a well-designed life insurance program can be seen as more than just a workplace benefit — it can demonstrate a genuine commitment to employees by providing peace of mind and financial protection tailored to their unique circumstances.

Contact your account manager if you have questions about your workplace benefits program or find a representative near you for questions or more information about life insurance options.