Flexibility meets security: Insurance solutions for Millennials and Gen Z

The way we work has transformed. For many Millennials and Gen Z, the nine-to-five job with benefits isn’t the default path anymore. Side hustles, freelance gigs, and entrepreneurial ventures are shaping the new career landscape. A 2024 report from Securian Canada found 22% of all Canadian workers participate in the gig economy, with more than 30% of Millennials and Gen Z doing so.¹

Flexibility is empowering, but it also comes with responsibility. Without the safety net of employer benefits, the next generation faces new financial risks. This is where the right insurance strategy can make all the difference.

Why insurance matters for freelancers, side hustlers, and creators

When you’re your own boss, there’s no HR department making sure you’re covered. If illness or injury keeps you from working, your income could vanish overnight. Insurance helps you stay in control when life throws the unexpected your way.

It’s worth thinking about protection if:

• You have family members or a partner depending on your income.
• You’re carrying student loans or other debt that wouldn’t disappear with you.
• Your business, creative projects, or brand rely on you being able to show up.
• You want to leave something behind, whether that’s financial support, digital assets, or a legacy project.
   

Beyond the 9–5: Protecting your digital and creative assets

It's no secret younger generations are building value online: content libraries, design portfolios, websites, apps, or thriving communities. These are real assets. Insurance plays a role in protecting and transitioning them if you’re no longer here.

• Digital intellectual property: Your creative work has lasting value. Insurance helps ensure it can be passed on without disruption.
• Business continuity: Whether it’s a freelance studio or an online shop, insurance provides liquidity to keep things going—or close them smoothly.
• Client relationships: Your contracts and collaborations represent future income. Coverage can help bridge financial gaps if the unexpected happens.
   

Balancing student debt, lifestyle goals, and protection

As a Millennial or and member of Gen Z, you juggle competing financial priorities: student loans, rent or possibly a mortgage, and saving for travel or a first home. Insurance often feels like something you can put off, but starting early is the smartest move.

Here’s why:

• Affordability in your 20s and 30s: Premiums are far lower when you’re younger and healthier.
• Start small, scale later: Even modest coverage is better than none – and it can grow with you.
• Match debt timelines: Align term insurance with how long you expect to carry student loans or other major obligations.
• Stay flexible: Choose policies that allow for upgrades or add-ons as your career and income expand.
   

A protection strategy built for the future of work

For Millennials and Gen Z, insurance isn’t about a static policy. It’s about flexibility and evolution, just like your career. A smart approach often includes:

• Core income protection: Affordable term life or disability insurance to cover debts and replace some of your income if you’re no longer able to work.
• Business coverage: Protection for side hustles, freelance contracts, or digital businesses.
• Adaptable options: Policies that adjust as your career path changes – from freelancing to full-time work to entrepreneurship.
• Digital-first tools: Online applications, virtual health screenings, and mobile access, so you can manage your coverage with ease.
   

Partnering with professionals who get it

Insurance doesn’t have to be overwhelming (or old-school)! Working with an advisor who understands your priorities and the realities of the gig economy can help you make confident choices.

We’re here to help. We believe your protection should evolve as you do. Whether you’re starting your first side hustle or scaling your career, we’ll help you create an insurance strategy that fits your lifestyle today and adapts to whatever tomorrow brings.

Sources

1. Behind the Gig: Securian Canada Insights. October 2024. Securian Canada. https://www.securiancanada.ca/content/dam/doc/sc/securian-canada-gig-report-100824.pdf.