The first time I heard the word "adulting," it seemed nonsensical and I recall thinking that it must be an error. But, no, adulting is a real trend and it's impacting the insurance industry in a big way.
What is adulting?
It's when adulthood begins. The term transforms the word "adult" into a verb. Why not just call it growing up? Well, it's because adulting is different, and it comes at a different time for everyone going through it. It's a mindset, not an arbitrary rite of passage brought on by reaching a particular age.
But defining the timeline is up for grabs. It's more about the steps on the journey. The reality is the traditional milestones many of us accomplished to become adults are happening much later in life for millennials and younger generations.
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How did adulting emerge?
Think back several years to 2007 or 2008. Living through a global financial crisis had deep implications for all of us, including millennials. Just as they were beginning to enter the workforce, they were hit by roadblock after roadblock. Unemployment was high, and that contributed to a deferred reality for many.
By 2014, living with their parents was the most common living arrangement for 18- to 34-year-olds for the first time since 1880. That's how adulting took hold. Marriage, home ownership, parenthood — they're all on a delayed timeframe.
How adulting influences employee benefits
Take life insurance, for example. People who've delayed the customary milestones may not see the need for this type of insurance coverage. After all, if they don't own a home, have a family or even live on their own, what's the point in having life insurance? You and I may disagree with that assessment, but the truth is, it's part of the adulting phenomenon.
The good news? Adulting isn't forever.
How can you help your clients?
What can you do to help your employer clients put employee benefits on the to-do list for employees with the adulting mindset? Here are a few tips.
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Make benefits relatable — For example, instead of calling it disability insurance, use the term income protection. It'll tell them why the benefit matters to them.
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Give them choice — Depending on where they are on the adulting spectrum, they may see the need for some benefits more than others. Offer enough insurance choices to meet their varying needs.
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Focus on flexibility — Include an annual enrollment option so they can elect coverage later if they don't elect it the first time around. Or, they can increase coverage later if they need more.
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Put a face on enrollment — Promote face-to-face enrollment or a combination of face-to-face and electronic. While they're a technology generation, enrolling in benefits can be overwhelming, and most say they want — and need — access to someone who can help them sort it all out.
Every employee population is different, just like every employee is different. Above all, work with your clients to offer solutions that reflect their workplace culture, demographics and needs. Help them support their employees at whatever stage they're in, whether they're ready to adult or need more time.
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