This article first appeared on ZUU Online
Millennials make up a huge chunk of Singapore’s workforce. According to HR consultancy Aon Hewitt, there’s about 1.2 million millennials working today. This is a whopping 22% of the total workforce.
And this is important for businesses to note. Millennials are connected in every sense of the way – social media is their constant playground. They are tech savvy and have developed a discerning palate in every aspect of life.
Which brings us to how they buy insurance. Selling millennials insurance the old-school way isn’t going to work. They don’t find legacy insurance products appealing.
They fall under the group of people who prefer to rent apartments than fork out for housing loan repayments, and prefer hopping into a cab or Uber over committing to a personal car.
So what kind of insurance attracts millennials? Here are some of them.
DIRECT – Whole Life by NTUC Income
This is a life insurance policy that covers death, terminal illnesses as well as total and permanent disability that occurs before the age of 65. NTUC will pay for the sum assured and additional bonuses that apply.
Millennials would love the fact that they can purchase this insurance plan directly from NTUC without any added commission payments through agents. The Whole Life policy covers deaths, terminal illnesses as well as total and permanent disabilities that occur before the age of 65.
The DIRECT –Whole Life insurance can be purchased at any Income branch.
AIA Healthshield Gold Max
This is an insurance plan that has the extra benefit of being a Medisave-approved medical costs reimbursement plan. What does this translate to? Well, there’s better coverage and a choice to occupy a private hospital or a Class A/B1 ward in a public hospital.
To top it off, the insured person would be able to make unlimited claims and enjoy a guaranteed lifetime renewal. Now that’s one thing any millennial would go for.
The medical bills are paid off by AIA. The insured person is also protected against circumstances that are less predictable. Here’s an instance – you’d be covered if you need an organ transplant to take place between you and your uninsured donor. There’s no need to scratch your head over unexpected medical treatments while you’re abroad.
The AIA Healthshield Gold Max plan can be purchased through any AIA appointed representative.
DIRECT – Great Life by Great Eastern Life Assurance
This is possibly another favourite among millennials. There are two plans on DIRECT by GELA – Great Life 70 and Great Life 85. The plans involve premium payments up to the ages of 70 or 85 to reap lifetime coverages.
The DIRECT whole life plan gives the insured individual lifetime protection in the case of death, terminal illnesses and Total and Permanent Disability (up to the age of 65 at one’s next birthday).
The plan itself is affordable and gives a millennial essential coverage. There’s also a savings element as the insurance plan accumulates cash value as it goes on, which is great for those young’uns just starting out in the workforce.
There you have it – the three most favoured insurance plans that millennials tend to go for.
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