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September 2022 Edition

Gen Z, the youngest generation of workers, is now buying life insurance

Most HR and benefits managers know that September is Life Insurance Awareness Month. Led by the nonprofit Life Happens, the month is an ideal time to educate and inform employees of the merits and benefits of life insurance.

This year, many companies will spend more time and effort engaging the generation of youngest employees, who are quickly emerging as a group that wants to learn more about life insurance and why they need it. Meet Gen Z or Zoomers – young people born between the late 1990s and early 2010s.1

Gen Z workers range from 18–24, but only about 18 million have reached adulthood. Further, the Gen Z cohort is also known as the digital native generation.1

What companies need to know about Gen Z employees

Because Zoomers grew up with a smartphone in their hands – most had their first phone before age 12 – this digital generation prefers to use online financial literacy tools. They also like to conduct their life insurance research online long before they choose to work with a representative in person.2

Gen Z employees typically don’t buy a lot of life insurance since most Zoomers don’t own their own homes or have dependents, and they are mostly healthy.1 However, all generations cite three main reasons for not buying more insurance when there’s a need gap: it’s too expensive, they have other financial priorities, and they’re not sure how much they need or what type to buy.3

How to break through and engage Zoomers about life insurance

To help HR and benefits managers do a better job engaging and educating Gen Z employees about life insurance, here are several guidelines curated from multiple sources:

  • Gen Z employees prefer holistic customer experiences where digital offerings include other value-added financial services options.4
  • Gen Z workers are more comfortable engaging insurance offerings online but also want to meet with insurance professionals in person.3
  • Gen Z employees are the generation most uncertain about what types of life insurance to buy.
  • Gen Z individuals are the most motivated to learn about insurance options, given many are stressed about student loans that could be passed to loved ones if they die.5

For companies that want to engage Generation Z employees better, Securian Financial offers a dynamic suite of digital tools designed to streamline learning about available life insurance options and choosing the best solution for their needs.

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1. Boucher, Stephen. “What to understand about Gen Z.” Insurance Thought Leadership, December 13, 2021. 

2. Aquino, Leo. “3 things Gen Z does with their money that older generations can learn from.” Insider, May 10, 2022.

3. “2022 Insurance Barometer Study.” LIMRA, 2022 LL Global, Inc., and Life Happens.

4. Garth, Denise. “Big changes for insurance: Gen Z & Millennials make bold moves.” Insurance Innovation Reporter, January 6, 2022.

5. "Life Insurance Engagement Report," and Franklin Madison, April 2021.

DOFU 9-2022