Why the millennials and generation Z rethink financial security – Allgemeine Zeitung

The way people think about the coverage of life changes. For older generations, it was a practical safeguard, a traditional product which offered financial protection to spouses and children in the event of death. But the young generations bring new perspectives to financial planning, including the way in which they see life insurance.

Many of them grew up during economic slowdowns and faced financial uncertainty. They are also chained with student loans and increased subsistence costs, which, in total, make their attitude towards the money different from their parents. Security remains important, but has changed on how it is achieved and in what priority it comes. The coverage of life concerns less traditional family structures or the transmission of wealth and more on flexibility, freedom and contingencies which may appear in one way or another for these two successive generations.

Millennials and generation Z also tend to further accept family structures and non -traditional lifestyles. Many choose to get married later in life, opting for life partners rather than legally binding marriages or not having children at all. This means that their financial dependencies are different. For them, the coverage of life is not only to secure tranquility of mind, it is a powerful tool for building a generational wealth that can give their loved ones one step ahead in life. For millennials and generation Z, Life Insurance offers a unique opportunity to leave an inheritance, ensuring that the next generation has a solid base on which to rely. By investing in the coverage of life now, we think they create a financial cushion that will lead them through difficult moments and prepare them to succeed, allowing them to focus on their dreams rather than stress on survival. It is a question of planting the seeds today for the prosperity of tomorrow – a gift which continues to give, far beyond their life. Why not be the change in change in the future of your family?

Technology also plays a very critical role in the way this generation makes decisions about financial issues. The digital platform and applications have completely changed the way people learn life insurance, manage their finances and compare the products. Younger consumers appreciate convenience and transparency, wanting products that are easy to understand, flexible to their needs and easy to buy or update. This need for tailor -made solutions obliges insurers to think differently about the life cover service, by moving single -sized products to more personalized and flexible solutions.

They are also more aware of the risks beyond the conventional covers that insurance covers. Events such as pandemics, climate change and economic shocks have made them think about how they can save their lives against unimaginated challenges. The coverage of life has become much more than a financial obligation; It is an active ingredient in their wider strategy to strengthen resilience.

For millennials and generation Z, the emphasis is on freedom and financial flexibility. If it is well positioned, the coverage of life is a question of stability without constraint. It is a question of having a safety net that protects the people they like most while supporting the evolutionary choices of their lifestyle. As they reinvent financial security, they are looking for tools that reflect their values ​​that protect while letting them adapt as life changes. Insurers who can understand this change and react with appropriate intuitive products will therefore be better placed to forge permanent relationships with such progressive consumers.