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Study: Millenials confident about insurance benefits

Posted On Mon, November 14, 2011

A recent study from the Guardian Life Insurance Company of America found that the Millenial generation has the most confidence in their decision-making regarding benefits.

More than 95 percent of Millenials noted that they are highly confident about their ability to make the right choices when it comes to myriad benefits related to insurance at their place of employment, the study noted. Two-thirds of those from Generation X reported the same confidence. Nearly the same amount of Baby Boomers noted they feel the same way.

However, approximately three in 10 Americans noted they take care when participating in open enrollment, which may suggest that many consumers do not take the programs seriously, according to the study.

"Most employees are not taking full advantage of available company resources to help them make informed decisions about benefits," said Chris Swanker, vice president of worksite and sponsored markets for Guardian. "In fact, employees' benefits engagement and decision-making has not substantially improved with the advances in technology, despite the convenience it offers."

With young consumers so confident about their ability to take advantage of insurance benefits, this group should do what they can to make smart choices. Comparing life insurance quotes to find the best deal may be one good way of getting it done.

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