The pandemic has affected all age groups—from babies to the elderly. But financially, perhaps the most affected age group is Millennials (ages 22–40).
According to a recent study by the National Institute on Retirement Security, Millennials were more likely to take actions during the pandemic that could harm their long-term financial security. Among Generation X, Baby Boomers and the Silent Generation, Millennials were the most likely to: spend emergency savings (36%), decrease retirement savings (16%) and withdraw from retirement savings (17%).1
As Millennials begin to plan for the next stage of their lives, they may be wondering how they can recover from the financial effects of the pandemic while also building a more secure future. Here are two ways Bankers Life can help Millennials achieve those goals.
1. Through Life Insurance
Millennials may have been more likely to take actions during the pandemic that could harm their long-term financial security, but they are also the generation most likely to buy life insurance in response to the pandemic. And that’s good news! According to LIMRA, 45% of Millennials are more likely to buy life insurance due to COVID-19 compared to 15% of Baby Boomers and 31% of Gen X consumers.2
Life insurance offers a simple way for Millennials to help protect their dependents from the financial impact of their passing. It can bring peace of mind and financial security knowing that funds from a life insurance policy can help pay off debts and final expenses, replace lost income and cover college costs for dependents.
With most Millennials juggling competing financial obligations, many select term life insurance. This type of policy lasts for a predetermined number of years, allows policyholders to buy only what coverage they need, and typically features the most affordable premium payments.
2. Through Financial Planning
Many Millennials may feel like they’re too young or don’t own enough assets to seek the services of a financial professional. But that’s far from the truth! As this generation plans for the next stage of their lives, there’s no better time to get on the right track with professional help.
A Bankers Life financial professional can help Millennials take inventory of their financial assets, create a spending budget, make a plan for paying down debts, review insurance needs, and develop a personalized strategy for long-term investment success. With professional help, Millennials can be confident knowing that their financial decisions today are setting them up for success tomorrow.
Bankers Life offers in-person and virtual options!
We understand that many Millennials are busy juggling careers, raising children and managing households. Virtual meetings with our professionals can help busy individuals find the time to check financial matters off their list! Or, for those who prefer in-person meetings, we can do that, too! No matter what you prefer, check out our agent directory to find a professional near you.
1National Institute on Retirement Security, Generational Views of Retirement in the United States, https://www.nirsonline.org/wp-content/uploads/2021/07/Generations-Issue-Brief-F4.pdf, 2021, p. 4.
2LIMA, Study Finds COVID-19 Spurs Greater Interest in Life Insurance, https://www.limra.com/en/newsroom/news-releases/2021/study-finds-covid-19-spurs-greater-interest-in-life-insurance/, 2021.
This material provides general information about the described insurance product(s) for educational purposes only. This is not intended as investment advice or to recommend the insurance product(s).
Bankers Life Securities, Inc., Bankers Life Advisory Services, Inc. and their representatives do not provide legal or tax advice. Each individual should seek specific advice from their own tax or legal advisors.
Bankers Life is the marketing brand of affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Conseco Life Insurance Company (BCLIC), Colonial Penn Life Insurance Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life Securities General Agency, Inc. (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA). BCLIC is authorized to sell insurance in New York.
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