The Life and Health Insurance Foundation for education (LIFE) is teaming with Scholastic this year to help high school teachers teach students about personal financial planning and risk management.
The curriculum will include information about disability and disability insurance as well as about life insurance, health insurance, financial planning, and the general concept of risk.
I have a daughter in “Generation Z,” in grade school, and I think the idea of disability insurers reaching out to those Gen Z children is a great idea. If anything, I just wish insurers had the time, energy and resources to do more to reach out to even younger children.
My experience is that Gen Z consumers see very clearly that they’ve been born into a complicated, unpredictable world. They are acutely interested in risk management lessons of all kinds.
A skeptic could say that the LIFE-Scholastic alliance is just about boosting future sales of insurance products.
If that’s all the alliance is about: Well, that sounds good to me.
Nothing in life is perfect. Disability insurance products are certainly not perfect. But having just about any legitimate disability insurance policy is better when a disability occurs than having no income protection.
Scholastic already exists to sell my child all kinds of merchandise, with ruthless efficiency. Sometimes, it sells her books. But, at the Scholastic book fairs, it tries to sell her pencils, erasers, cat posters, and all manner of gimcracks that a stern financial professional would say are a poor substitute for savings, or for income protection insurance.
If the LIFE-Scholastic alliance ultimately ends up inspiring some alumni to go on to spend their money on disability insurance policies in the 2030s: Great.