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YOLO ... Protect Tomorrow?

YOLO... THE HARTFORD PROTECT TOMORROW? The Hartford's Group Benefits team conducted research to better understand the benefits behaviors and attitudes of Millennials. Our research involved a review of short-term disability claims data from 2010 to 2011, as well as a national survey of 1.000 full-time workers fielded via online survey by BuzzBack in March 2012. In the survey, Millennials were categorized as ages 18-31 and older baby boomers were between ages 57-65. LET'S GET REAL (ABOUT INSURANCE) GET IN THE LOOP iiii-X !! •.. Only one in three Millennials said they completely understand life insurance One out of four Millennials said they completely understand disability insurance A COST CONUNDRUM, OR NOT. 56° of Millennials over- 367° of Millennial survey estimated the cost of disability insurance by hundreds of dollars takers had "no idea" how much the coverage cost 0% Only of Millennials guessed the right answer - the average cost is $250/year, or less than a new cell phone or designer purse YOUNG, WILD AND FREE. FOR NOW KEEP THE FUTURE BRIGHT If they couldn't work for more than six weeks due to an accident or serious illness. Millennials said they would: BANK Draw from 401(k) account or use credit (21%) Ask friends and family for a loan or move back in with their parents (22%) Dip into savings (33%) BIGGEST CLAIMS FOR UNDER 30 The top three health reasons why the under 30 crowd are kept off the job are: Accidental injuries, such as sprains. concussions, etc. (11%) Pregnancy (57%) Back and spine issues and other conditions that affect muscle and bone (7%) FLYING SOLO 87% of singles would need to make lifestyle changes to meet expenses if they lost income for three to six months. 87% Yet only 44% of single Americans have the insurance 44% coverage to help provide an income. 20 40 60 80 100 GENERATION GAP MILLENNIALS WANT TO ENROLL Older Boomers have a higher preference for one-on-one meetings and FOR BENEFITS ONLINE benefits enrollment via paper than their Millennial colleagues MILLENNIALS ARE MORE 25% of Millennials are "completely satisfied" compared with 18% of older Boomers SATISFIED WITH BENEFITS More Millennials said voluntary benefits are "extremely important compared to older Boomers (48% compared to 30% respectively) MILLENNIALS WANT MORE CHOICE MILLENNIALS WILL SEEK A MENTOR/COACH 12% of Millennials will ask their manager compared to 2% of older Boomers 27% of Millennials say their parents 16% of Millennials will ask a close friend, help influence their benekits choices compared to 3% of older Boomers compared to 2% of older Boomers MILLENNIALS BOOMERS CELEBRITY GOSSIP THE WONDERFUL WIZARD, DR. OZ Dr. Oz was the most popular celebrity among Millennials to help them recover from a disabling injury or illness that kept them off the job - with a 27% vote. GO GET IT! Jillian Michaels, the personal trainer known for her work on "The Biggest Loser," was the third most popular choice (11%) because of her tough love approach to coaching. LAUGHTER IS THE (SECOND) BEST MEDICINE Ellen DeGeneres came in a close second, with 23% of Millennial vote.

YOLO ... Protect Tomorrow?

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The Hartford’s Group Benefits team conducted research to better understand the benefits behaviors and attitudes of Millennials. Our research involved a review of short-term disability claims data fr...

Publisher

The Hartford

Category

Health
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