{"id":16560,"date":"2019-08-30T09:00:00","date_gmt":"2019-08-30T13:00:00","guid":{"rendered":"https:\/\/insurancenewsnet.com\/?post_type=oarticle&p=4518047"},"modified":"2019-08-30T09:00:00","modified_gmt":"2019-08-30T13:00:00","slug":"american-workers-want-life-insurance-as-employee-benefit-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/08\/30\/american-workers-want-life-insurance-as-employee-benefit-survey\/","title":{"rendered":"American Workers Want Life Insurance As Employee Benefit: Survey"},"content":{"rendered":"\n
\nBusiness Wire<\/span>\n<\/div>\n
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Life insurance sales are stagnant, but profits are still being made.<\/figcaption><\/figure>\n
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Although 28 percent of employed1<\/sup> Americans have voluntary group life insurance through their employer, 59% of workers who say they don\u2019t because their employer doesn\u2019t offer it say they would be likely to purchase it if it was an option.<\/p>\n

That\u2019s according to a survey conducted online by The Harris Poll on behalf of OneAmerica\u00ae <\/sup>of over 1,000 U.S. adults 18 years or older who are employed full- or part-time2<\/sup> that illustrated why this foundational employee benefit is coveted \u2014 to protect themselves and their loved ones from future financial hardship.<\/p>\n

It is the second year in a row respondents have stated they see group life insurance as a valuable worksite benefit because it is often unavailable to them to purchase individually3<\/sup>. Those who have it say it increasingly gives them the \u201cpeace of mind\u201d that they are after (44% in 2018 vs 53% in 2019) to survive should a tragedy happen.<\/p>\n

\u201cSeptember is Life Insurance Awareness Month, and the information gathered by The Harris Poll provides further proof of the strong desire for employed Americans to have access to solutions to protect the financial future of their families,\u201d said Dan Aiello, regional vice president of sales and service, employee benefits at OneAmerica. \u201cFor most employees, the workplace is now the only opportunity to be educated about and purchase life insurance form a fully vetted carrier.\u201d<\/p>\n

\u201cToday, voluntary benefits aren\u2019t voluntary at the employer level,\u201d Aiello added. \u201cEmployees are demanding these types of products and our brokers understand that their employer groups have to offer them to round out a comprehensive and competitive benefit program.\u201d<\/p>\n

Almost half of workers who do not have voluntary group life insurance through their employer (47%) say it\u2019s because their employer does not offer it; among them, a majority (59%) say that if their employer was to offer voluntary group life insurance they would be likely to purchase it.<\/p>\n

When asked why they have voluntary group life insurance through their employer, 53% say peace of mind; 44% say it\u2019s to protect family\/loved ones from future financial hardship; 39% say it is to pay off debts and final expenses in the event of their passing; 23% to leave an inheritance for children or grandchildren; and 21% to replace a spouse\/partner\u2019s income in the event of their passing.<\/p>\n

\u201cOur brokers, sales team and employer clients all view employer-provided group life insurance for what it truly is\u2014an affordable way to provide coverage for an unplanned life event,\u201d Aiello said. \u201cIf a breadwinner in the family dies unexpectedly, nothing can bring that person back. But what we can and do deliver is comfort, support and the relief from financial insecurity and devastation.\u201d<\/p>\n

Although it is open enrollment season for those employers who had already purchased policies leading up to January 1, any employer has the ability to contact a broker about either group life insurance or disability income insurance at any time. (OneAmerica Small Business Solutions, for example, are available in a variety of options to organizations as small as 2 employees.)<\/p>\n

The OneAmerica\/Harris Poll provided opportunities for carriers to address:<\/p>\n