“Research shows that ownership of life insurance is at a 50 year low. Only 59% of U.S. adults owned life insurance in 2010, down from 70% in 1960. That lack of coverage poses a serious risk to many households. Among households with children under the age of 18, 70% say they would be financially challenged if the primary earner died.”
Group-term life insurance is a common Employer sponsored offering. Often, employers offer a specified benefit that is cost-free to the employee. Then, employees have the option purchase additional coverage (Voluntary). In many situations, the employee can also opt to purchase coverage for their spouse and/or dependents as well. Generally, this coverage is extremely affordable because the group plan spreads the risk over many people. In addition, most of these offerings have a “guaranteed issue” amount that does not require health risk assessments. In order for employees to appreciate and understand the value of life insurance, education and engagement is paramount in importance.
Life insurance can be an uncomfortable topic to consider. Often times purchasing life insurance may seem like an unnecessary expense. But if you have people that depend on you for financial support, then life insurance is really about protecting them if something should happen to you. The benefits are paid to your designated beneficiary should anything happen to you.
There are many different types of life insurance available to companies and individuals. Understanding the difference can be confusing. LaPorte has account executives that can help you evaluate these options. Unlike many other employee benefits, Life Insurance is actually more affordable right now than in the recent past. Helping your employees secure their families financial future is more important than ever.