Group Life Insurance is one of the most valuable company perks a business can offer its employees, no matter what your workforce demographic might be. However, there is a perception that young workers aren’t as drawn to this benefit. Before we discuss why Group Life Insurance is important for workers of any age, let’s explain what it is. How does Group Life Insurance work?Group Life Insurance provides money to employees' families in the event of their death. It’s an employer's promise to their people that if the worst happens, their loved ones will be taken care of.Should an employee pass away, a tax-free lump sum, often calculated as a multiple of base salary, is paid to their beneficiaries, usually the people who depend on them, such as their partner or children.While not a legal requirement, life cover is considered one of the best employee benefits a company can offer. It’s also a great way for businesses to show they really care about their people. In fact, over 6 in 10 working parents say that Life Insurance is important to their sense of financial wellbeing.Although traditional Life Insurance, with its focus on old age and death, is not something we would imagine to be on the mind’s of young workers today, recent advances in the industry and the evolution of technology have sparked a new wave of interest among this demographic. The insurance industry is finally catching up with young people and now it’s becoming one of their top-rated workplace perks. So what are the main benefits of Group Life Insurance for young employees?1. Few young people have significant savings, and Life Insurance protects dependantsYoung people, especially at the start of their careers, tend to have limited savings. And the probability of them having enough money to tide over any sudden financial emergency caused by their death is very low. That’s why as young people mature, Life Insurance becomes more important—especially if they have a family. They might have partners or children who rely on their income and would depend on insurance claims to survive if something unfortunate happened to them. We know that young people invest in their relationships with others, and protecting the people they love financially is an important part of that. Therefore, Group Life Insurance for young employees provides the best solution to protect their family’s financial stability.2. Life Insurance protects an employee’s family from their debtsHaving grown up during the financial crisis of 2008-09, young people of today are much more financially savvy than previous generations. With many thinking seriously about plans for the future to ensure they are financially secure. One of the main reasons young people value life insurance so much is because it creates financial security for their family or loved ones if they die.If a young person passes away, their debt obligations, such as mortgages do not die with them. And it’s possible that their dependents or next of kin may become financially responsible for any of their outstanding expenses.Providing Life Insurance for your young employees enables them to be proactive about ensuring that those they care about can meet those financial commitments should something happen to them whilst under your employment.3. Insurance can provide in-the-now benefitsNobody likes thinking about their own death. And when employees are still young, they’ll likely be even more adamant to avoid imagining their family and loved ones without them. That’s why YuLife has come up with a way to put the ‘life’ back into Life Insurance, by focusing on what can be done to motivate people to lead better lives right now. In addition to providing businesses with Group Life Insurance for their employees, we give them a whole bunch of wellbeing benefits that they can use in their everyday lives.The YuLife employee app helps people to establish healthy living habits by rewarding small behavioural changes, such as walking, cycling, meditating or fitness classes with our wellbeing currency, YuCoin. Once they’ve earned YuCoin, employees can trade it in for a range of desirable rewards, which cover everything from physical and mental wellbeing, through to healthy eating, travel and fashion.Additionally, the Wellbeing Hub gives employees one-tap access to best-in-class health and wellbeing benefits that they value and use, such as our Employee Assistance Programme and Virtual GP services—with all the key information in one place.By playing on natural inclinations to seek fun, challenge, and reward, YuLife goes the extra mile to make healthy habits more enjoyable and offers a more engaging type of Group Life Insurance for young employees—driving 80% employee engagement and 230x the ROI of traditional insurers.