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 of 1,000 full-time workers fielded via online survey 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 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% 36% of Millennials over- of Millennial survey estimated the cost of disability takers had "no idea" how much insurance by hundreds of dollars the coverage cost Only 9of 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 1234 5678 9012 3456 Draw from 401(k) account or Ask friends and family for a loan or move back in with their parents (22%) Dip into savings (33%) use credit (21%) BIGGEST CLAIMS FOR UNDER 3O FOR UNDER The top three health reasons why the under 30 crowd are kept off the job are: Accidental injuries, such as sprains, Back and spine issues and other conditions that affect muscle and bone (7%) Pregnancy (57%) concussions, etc. (11%) FLYING SOLO 87% of singles would need to make lifestyle changes to 87% meet expenses if they lost income for three to six months. Yet only 44% of single Americans have the insurance 44% coverage to help provide an income. 20 40 60 80 100 GENERATION GAP Older Boomers have a higher preference for one-on-one meetings and benefits enrollment via paper than their Millennial colleagues MILLENNIALS WANT TO ENROLL FOR BENEEITS ONLINE 25% of Millennials are "completely satisfied" compared with 18% of older Boomers MILLENNIALS ARE MORE 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 their parents help influence their benefits choices 27% of Millennials say 16% of Millennials will ask a close friend, 12% of Millennials will ask their manager compared to 3% of older Boomers compared to 2% of older Boomers compared to 2% of older Boomers MILLENNIALS BOOMERS CELEBRITY GOSSIP LAUGHTER IS THE (SECOND) 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. 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. BEST MEDICINE Ellen DeGeneres came in a close second, with 23% of Millennial vote. %24