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More than a quarter of millennials want group income protection

Poll suggests younger workers are more aware of employee benefits

More than a quarter (28%) of millennials think group income protection (GIP) would be the most useful protection product to support an extended career.

This is significantly higher than the overall average of 17%, according to the research from Canada Life Group Insurance.

In contrast, almost half (44%) of those aged 55 and above are unsure which benefits would be most useful as they prepare to work beyond the traditional retirement age. The insurer said this highlights that employers and the group insurance industry could do more to educate this age group on the options available to them.

The 17% of people who expect to work beyond the age of 65 believe GIP would be the most useful benefit. This translates to approximately four million workers, but only 2.5 million currently receive such benefits from their employer.

Meanwhile, 13% of employees who expect to work beyond 65 believe group critical illness would be most useful. This is equivalent to three million employees, yet barely 600,000 currently have access to this benefit.

Paul Avis, marketing director of Canada Life Group Insurance, said there is a new generation of employees who are more aware of and more engaged with non-salary employee benefits.

β€œIt is questionable if our industry is doing enough to support these employees, perhaps by helping older, more experienced decision-makers in companies to understand them and the importance they place on subjects such as mental health support,” he added.