With all the talk about millennials changing the workplace andboomers leaving it, members of Generation X (born 1964-1979) are onceagain finding themselves stuck in between two big stories. Yet whenit comes to the insurance industry, Generation X is the story.

Who is Generation X?

The demographics of Generation X are well known: it is thesmallest generation, with more than 10 million fewer members thaneither the generation they follow (boomers) or precedemillennials); its members were latch-key children who had toraise themselves and their younger siblings; and it’s the firstgeneration to have watched its parents’ divorce in recordnumbers.

Now moving into middle age, Generation X has a new set ofchallenges, many of which center on financial security. The firstgeneration to have less wealth than their parents, Generation X isnow often supporting those same parents as well as their ownchildren, with nearly 20 percent reporting providing regular carefor older parents or other relatives. According to the Pew ResearchCenter, for members of this sandwich generation (those supportingboth children and parents), the strain of supporting multiplefamily members can have an impact on financial well-being. Thisstrain is visible: Generation X respondents to MetLife’s13^th Annual U.S. Employee Benefit Trends Study (EBTS)showed greater job security and financial concerns than any othergeneration currently in the workforce.

And it’s no wonder. Unlike generations that came before them,Generation X has little retirement security, in the traditionalsense. They are the first generation to be affected en masse by theshift from traditional pensions to 401(k) defined contributionplans, and the one pension they may have relied upon — theirgovernment Social Security check — is not guaranteed either. Theoldest Gen Xer turns 65 in 2030, just a few short years before theSocial Security trust is projected to run out of funds.

Is it all doom and gloom?

The Generation X story is not necessarily a pessimistic one,however. Members of this generation are taking action — especiallywhen it comes to protecting themselves and their families. According to sales data from Liazon, operator of private exchangesfor businesses nationwide, members of Generation X who are giventhe opportunity to choose their own benefits from an array ofoptions are buying more insurance products than any othergeneration, an average of 5.3 non-medical products per person.

Employees who purchase their benefits through exchangessuch as Liazon’s have a variety of benefit types to choose from,including life, disability, supplemental health, andeven pet insurance, which they can buy using a lump sum of moneyprovided by their employer. Based on Liazon’s data, they tendto buy more non-medical products than the overall workingpopulation as they reallocate the benefits dollars that wereformerly earmarked to medical to other insurance options.

Liazon data show Generation X buying significantly more criticalillness insurance, life insurance and disability insurance thanother generations in the marketplace, showing at least someunderstanding of the impact an illness, disability or prematuredeath could have on family finances. In fact, the EBTS found that53 percent of Gen Xers report being very concerned about financialsecurity in the event of premature death, 60 percent expressconcern about having enough money to pay their bills if someone intheir household loses their job or is no longer able to work andonly 31 percent say they have a savings cushion of at least threemonths of salary, making unexpected health care costs a realburden.

Although Gen X is buying more than other generations, thisgeneration, with its financial responsibilities and lack ofsavings, is not yet buying enough. Data from LIMRA shows that themajority of Gen Xers believe they need more life insurance thanthey have, though they are not moving swiftly to augment theirpolicies.

How can employers help?

The confluence of circumstances — losing savings in not one, buttwo recessions; supporting childrenand older parents; significant amounts of debt and an uncertainretirement — make Generation X the audience most in need of a fullsuite of benefits. From financial protection to identity theftsolutions to overall peace of mind, insurance products can help GenX ease into their later years with comfort and confidence. But howshould employers reach out to this notoriously skeptical group?

• First, speak directly to them. Address their worries andposition solutions that meet their specific needs, not those oftheir older or younger colleagues. MetLife’s EBTS showed a clearconcern for making financial decisions for the family, so employersshould keep that in mind as they make offerings available to thisaudience.

• Second, although not digital natives, this is a digitally-savvyaudience that is not afraid of technology. New distribution channels,such as private exchanges, take advantage of technology and helpemployers to offer more flexible benefits programs with morerobust, personalized benefit education for employees. The need forbetter benefits education and communication is significant forGeneration X. MetLife’s EBTS shows that, compared to millennialsand boomers, fewer members of Generation X feel in control of theirfinances.

• Lastly, offering benefits packages that can be customized tomeet the unique needs of each individual can impact employeeloyalty — and ensure they are getting the insurance they need.Deloitte’s 2012 “Voice of the Life Insurance Consumer” surveyshowed that significant life events such as getting married, havingchildren or changing jobs are potential triggers for life insurancepurchase decisions. And Gen Xers find themselves either facing orhaving faced many of these situations in recent years.

Targeting Generation X with appropriate educational tools andinformation about benefits is awin/win. Employees get the protection they need and greater peaceof mind regarding their family’s financial security and employershave happier, more productive employees. Even better for employers?According to EBTS, employees with access to more lines of coverageare more satisfied with their jobs and less likely to leave.