Millennials have been much-talked about in HR circles for a few years now. Many employers have been concerned about how this demographic of workers has been “disrupting” the workplace. For many, Millennials seem almost unwilling to accept workplace traditions.
For the most part, however, Millennial workers’ demands aren’t much different than those of their peers in other demographics. Millennials still want a steady job with decent benefits and a decent salary. They may seem to be more concerned with their benefits and even how those benefits are administered. Many of them will ask for insurance and benefits they can customize.
Why do Millennials want affordable insurance they can customize?
1. Different Lifestyles, Different Needs
Millennials embrace the idea that everyone is unique, and they live this way. While some people see this as a sense of entitlement or individualism run rampant, it’s actually an attitude that benefits everyone in every demographic. Baby Boomers have different needs from Millennials, and Gen Xers’ needs are different again.
On top of this, not every Baby Boomer will have the same needs, nor will two Millennials need and want the same thing from their insurance policy. A 65-year-old widowed male Baby Boomer with a heart condition and three grandkids has quite different concerns from a female Baby Boomer in good health with no children or grandchildren.
Millennials are acutely aware of these differences within their own demographic. An unmarried 20-something has different needs than a 30-year-old married Millennial with two small children.
2. Different Desires
Millennials in particular also articulate that people have different desires in life. These different desires exist in all generations, however. Affordable, customizable insurance benefits all your employees, no matter which demographic they identify with.
Take, for example, two 30-year-old Millennials. One of them is engaged and hoping to buy a house and have children soon. Another is single, content to continue renting, and wants to travel the world. Both of these “lifestyles” are valid, but they represent different desires in life.
The problem, of course, is insurance designed for the first Millennial won’t necessarily address the needs and wants of the second. Again, this reality affects people of all generations. Some Baby Boomers will want to travel quite extensively now that they’re free of mortgages and the responsibilities of children. Others will prefer to stay closer to home.
3. Flexibility and Change
Another reason Millennials might push for customizable insurance is that they also recognize life circumstances change. Right now, someone is single and travelling the world. In a few years, they may have a house or be looking at getting married. They may even have a child.
Customizable insurance can grow with your employees as their life circumstances change. If the policy isn’t customizable in the first place, your employees may not have much choice when they find their lives have suddenly taken a dramatic turn.
Again, this affects people from every demographic, not just Millennials. No one plans to get sick, but many will find themselves managing chronic diseases or dealing with a catastrophic illness. As their life circumstances change, they’ll need flexibility in affordable insurance options to help them keep up.
4. Fitting Budgets and Fitting Lifestyles
Why does anyone want affordable, customizable insurance options? The answer is they want to protect themselves from whatever life happens to throw at them. An affordable insurance option will allow the policy to fit into your employees’ budgets. The customizable option allows it to fit their lifestyles as well.
In the end, affordable, customizable insurance policies help protect all your employees as they continue their journey through life. No matter what stage of life they’re in right now, great insurance options will help protect them both today and tomorrow.