Young adults entering the workforce are being encouraged to make insurance a financial priority, with the promise of lower premiums, greater financial security, and protection against the growing incidence of lifestyle-related illnesses.
That message was delivered by Hugh Reid, Managing Director of JN Life Insurance, during a guest lecture to final-year marketing students at the Mona School of Business and Management, The University of the West Indies (UWI). Addressing the topic “Making Life Insurance ‘Valid’: Rebranding an Industry for Gen Z Consumers,” Mr Reid challenged common misconceptions about insurance among young adults.
Gen Z, broadly defined as individuals born between 1997 and 2012, represents a generation that is increasingly entering the workforce and making important financial decisions. However, Mr Reid noted that many young people underestimate the value of insurance because it does not appear to provide an immediate benefit.
“Many people view life insurance as a product for older individuals or associate it solely with death,” Mr Reid explained. “What consumers are really purchasing is a promise of financial protection, one that can provide significant support to them or their loved ones during some of life’s most challenging circumstances.”
He stressed that life insurance and in particular, critical illness coverage can deliver tangible benefits long before retirement or old age.
“Critical illness policies, for example, provide financial support in the event of major health conditions such as cancer, stroke, or heart attack, helping policyholders manage treatment costs and other expenses,” he stated.
The Financial Advantage of Securing Coverage Early
Mr Reid also highlighted the financial advantages of purchasing insurance early. Younger and healthier individuals typically qualify for lower premiums, while delaying coverage could result in higher costs or even ineligibility if chronic conditions develop.
“If you wait until later in life, illnesses such as hypertension or diabetes may affect your ability to obtain coverage,” he noted. “Even if coverage is available, you may face significantly higher premiums because of your health status.”
He encouraged students to move beyond outdated beliefs that discussing or purchasing insurance somehow invites misfortune. Instead, he urged them to view insurance as a practical financial planning tool that supports wealth creation and long-term security.
“Life insurance today is about much more than death benefits,” he said. “Some policies can help individuals build wealth for major goals, such as purchasing a home, while critical illness products ensure you have access to funds when you need them most.”
Accessible Solutions for Families and Personal Experience
Mr Reid also pointed to products such as the JN Family Indemnity Plan, which provides coverage for up to six family members without requiring medical examinations at enrolment. The plan helps families manage final expenses and provides an added layer of financial support during difficult times.
“Death and illness can occur at any age,” he said. “Having financial protection in place ensures families are better prepared to manage unexpected events.”
Drawing on his own experience, Mr Reid shared how insurance proved invaluable after he was diagnosed with cancer in 2012.
“At the time, I was able to make claims under two critical illness policies, which provided significant support during my treatment and recovery,” he recalled.
The experience, he said, reinforced the importance of obtaining critical illness coverage before health challenges arise. He noted that the JN Life Aide policy includes a unique recurrence benefit, allowing policyholders to make additional claims if a covered critical illness, such as cancer, recurs.
“With lifestyle diseases on the rise, critical illness coverage is becoming increasingly important,” Mr Reid said. “Having protection in place before you need it can make a tremendous difference to your financial wellbeing and peace of mind.”
He encouraged the students to incorporate insurance into their financial plans early, describing it as one of the most effective ways to safeguard both their future earnings and their long-term financial security.
