Life insurance for each generation

With five generations actively in the workforce today, it isn’t uncommon for companies to have workers ranging in age from their teens to their 70s and beyond! 

A multi-generation workforce provides many advantages, such as a wide and balanced skillset and strong innovation. On the other hand, it presents challenges when it comes to choosing employee benefits that appeal to everyone, as each generation brings unique family makeups, financial situations, and health concerns. 

One employee benefit that transcends all generations is life insurance. In celebration of Life Insurance Awareness Month, keep reading to learn how life insurance can benefit all your employees, no matter their ages! 

Life insurance for your teen and age 20-something employees

Life insurance may be the last thing on your young employees’ minds, but this is an excellent time for them to secure coverage. For the young and healthy, life insurance can cost less than their monthly café bill, and locking in low, long-term rates now is a smart financial move for the future.

Your employees may need life insurance in their teens or 20s if:

• They’re married or in a committed relationship.
• They have children.
• They have a mortgage.
• A family member has cosigned their debts.
• They want to protect loved ones from burial costs.

Life insurance for your age 30-something employees

Your employees in their 30s likely have mounting financial responsibilities, with many growing families, buying homes and taking on other large financial commitments. This group is still young, which means they can still lock in low, long-term rates.

Your employees may need life insurance in their 30s if:

• They’re married or in a committed relationship.
• They have children.
• They have a mortgage.
• Their family relies on their income to cover day-to-day expenses.
• A family member has cosigned their debts.
• They want to protect loved ones from burial costs.
• They feel behind on their retirement savings.

Life insurance for your age 40-something employees

This is a crucial time for your 40-something employees to take a life insurance temperature check. If they don’t have enough life insurance, or no coverage at all, now is the time to sign up for a policy. If they already have life insurance, they should consider how their financial situation has changed. For example, they may need more coverage if they earn more income now or live somewhere more expensive.

Your employees may need life insurance in their 40s if:

• They’re married or in a committed relationship.
• They have children.
• They have a mortgage.
• Their partner wishes they had more life insurance coverage.
• Their family relies on their income to cover day-to-day expenses.
• A family member has cosigned their debts.
• They want to protect loved ones from burial costs.
• They feel behind on their retirement savings.

Life insurance for your age 50-something employees

Your aged 50+ employees could be reaching their peak earning years. They may be empty nesters with less debt and more disposable income. Despite this financial freedom, life insurance is still important for adding peace of mind to their financial portfolios.

Your employees may need life insurance in their 50s if:

• They want to ensure their partner has enough money for a secure retirement.
• They have financial dependents.
• They have aging parents.
• They have a mortgage or debts.
• Their partner wishes they had more life insurance coverage.
• Their family relies on their income to cover day-to-day expenses.
• They want to protect loved ones from burial costs.
• They feel behind on their retirement savings.
• They want to leave a financial legacy.

Life insurance for your age 60 and older employees

One of the greatest myths is that pre-retirees and retirees don’t need life insurance. However, for your employees in their 60s and beyond, life insurance can protect the financial future of their loved ones, and the right kind of policy can be part of their retirement income plan.

Your employees may need life insurance in their 60s if:

• They want to ensure their partner has enough money for a secure retirement.
• They have financial dependents.
• They have aging parents.
• They have a mortgage or debts.
• They want to protect loved ones from burial costs.
• They want to use life insurance to supplement their retirement income.
• They want to leave a financial legacy.

Are you seeking benefits for an age-diverse team?
Optavise can help enhance your employee benefits program with life insurance and voluntary products that appeal to a multigeneration workforce. Contact us and see what Optavise can do for you.