More than half of Gen Y workers (ages 18-31) vastly overestimate the average cost of disability insurance purchased at work, and only one in three completely understand life insurance, according to new research by The Hartford.
The Hartford launched a national educational campaign featuring Gen Y author Lindsey Pollak to address misconceptions and raise awareness about disability and life insurance.
"Our research showed many young workers don't realize it can be easy and affordable to protect their income with insurance they get at work," said
Mike Fish, vice president of voluntary benefits with The Hartford. "We have partnered with Lindsey to inform Gen Y'ers on how benefits can help them stay on track to reach their personal and professional goals."
The Hartford Benefits For Tomorrow Study found less than half of Gen Y workers, also known as Millennials, have signed up for disability insurance. Yet, approximately 90 percent of Millennials said in the survey that they would have to change their lifestyle if they lost income for three to six months.
"There's a tremendous opportunity to help this country's 72.2 million Millennials understand the importance of investing today for their tomorrow," said Pollak. "Together with The Hartford, I hope to help Millennials plan ahead."
As part of The Hartford's My Tomorrow campaign, Pollak will share tips on navigating the "real world." At events and a new website (www.thehartford.com/tomorrow), she'll cover finding and choosing the best job for you, making the right financial decisions for your life, and making the most out of your pay.
Pollak wants to hear what Millennials think about the future. They are invited to visit the website to share what they think about tomorrow.
"Millennials aren't the only ones facing new benefit choices. More and more employees are being asked to help pay for their benefits. That means at this year's benefits enrollment, many employees will face more choices than ever before," Fish said. "We designed our awareness campaign with Lindsey and enhanced our online educational platform to help employees be better informed about their benefit selections."
The Hartford Benefits For Tomorrow Study was developed by The Hartford and fielded via online survey by BuzzBack in March 2012. The nationally representative sample consisted of 1,000 full-time U.S. workers, aged 18-64. The margin of error is +/- 3.1 percent for the national sample.