Reaching younger generations with supplemental health insurance
By 2030, all baby boomers will be aged 65 or older.1 With this generation mostly set with their insurance needs, it’s time for the industry to focus on the next generations of consumers.
Gen X (ages 44 to 59) is still an important market. As the sandwich generation, caring for both parents and children – plus thinking ahead to their own retirement needs, this group is feeling significant economic pressure. A 2022 study from the Life Insurance Marketing and Research Association (LIMRA) indicated that 49 percent of Gen Xers reported financial insecurity — higher than any other generation.2 Gen Xers have a need to protect the many financial obligations they currently have.
Millennial (ages 28 to 43) and Gen Z (ages 12 to 27) generations present significant opportunities for the industry. In addition to comprising 42 percent of the population,3 these groups possess strong buying power and have unmet insurance needs, particularly with supplemental health products.
Medical costs create financial strain
Americans are facing financial strain and much of it comes from costs associated with health care. For many, health insurance is simply unaffordable. And for those with health insurance, health care costs are still too much.
A report by Policygenius found that 28 percent of Americans say they would not be able to pay their entire deductible in a medical emergency.4 In addition, the report found that nearly 20 percent of Americans with health insurance who earn $80,000 or more a year would have to borrow money or use mostly credit to cover their deductibles.
The problem is so bad that in the past five years, more than half of U.S. adults report they’ve gone into debt because of medical or dental bills.5
Accident insurance
Accident insurance provides a lump-sum benefit to the insured or a family member if they need treatment after a covered unexpected accident. Commonly covered events include broken bones, burns, trips to the emergency room and organized sports injuries. The insured can use the money to cover immediate medical expenses, lost income or however they wish.
Critical illness insurance
Critical illness insurance provides a lump-sum cash benefit when a covered condition is diagnosed, regardless of actual medical expenses or other insurance coverage. Covered conditions include cancer, heart attack, stroke, major organ failure and more. The benefit can be used to help pay out-of-pocket medical costs or keep up with everyday living expenses, such as mortgage payments, childcare, groceries and more.
New product and support available through Securian Financial
Securian Financial is offering accident insurance starting December 1 and critical illness insurance starting January 1, for customers of banks, unions and associations. These products can help you diversify your product offerings, reach a new customer base and grow your business.
Our supplemental health plans are underwritten by Securian Life Insurance Company, a life insurance subsidiary of Securian Financial. Securian Life Insurance Company is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating agencies and to see where Securian Life’s ratings rank.
You asked. We delivered.
As your trusted partner, Securian Financial listens to what you have to say and what you need, and we work to deliver the right solutions. We’re pleased to offer these new products to you and your customers/members and welcome the opportunity to answer your questions.
