We run many articles about surveys conducted by big insurers, and by big benefits and insurance distributors. Here, a broker out in the field talks about how he organized his own survey, to find out what the Millennials in his own corner of the universe are thinking…
This article is dedicated to two people.
First, Allison Bell, who through her insightful and informative reporting has helped to shape my thinking and push me to be a better insurance and employee benefits advisor.
Second, to my son, Michael, who from the time he was old enough to walk has constantly been a source of support, brains, and creativity. Michael was a huge help in getting his friends (also Millennials) to supply answers to a benefits survey I created.
Why I Created a Survey
I came up with the idea of conducting a survey after reading Allison’s article, “Millennials Are Learning to Love Life Benefits.”
The article referred to a good deal of statistical information from an earlier survey. The other survey seemed to indicate that the percentage of people in the Millennial generation (those born from 1981 to 1997) who feel that life insurance is a somewhat important, or very important, work-provided benefit had increased significantly between 2013 and 2017.
This got me thinking about my own two kids: my son, Michael, who was born in 1991, and his sister, Rachael, who was born in 1992.
Not only did I think about them, but I also started to think about their friends, and about what seem to be their most pressing concerns.
Suffice it to say that all of these kids vaguely know that I write insurance products. Some are even frequent visitors to my Facebook business page. I decided to post a survey for Millennials, to give me some data on where insurance fits into their thoughts.
My snap judgment about why Millennials might be focused on life insurance is that this might be due to their awareness of big student loan debt. Maybe they want to avoid passing that debt pass on to someone they care about … should the worst occur.
With a great deal of help from Michael, I put a survey together using the app Survey Monkey.
What Was in the Survey
I tried to design the questions in such a way that the respondents would not try to guess the “preferred response.”
The survey questions were as follows:
- Which one employee benefits (NOT Including health insurance) is the most important to you?
- Which one benefit would you like your company to offer it does not offer now?
- If you had to stop working because of a serious accident or illness, and would not be returning to work for a long time, would you have the cash to pay your bills?
- On a scale of 1 – 10 (with 10 being highest importance) what value would you place on life insurance as an employee benefit?
- Year you were born _______.
- Your gender __________.
I allowed the survey to run for 10 days.