Though 28 % of employed1 Individuals have voluntary group life insurance coverage via their employer, 59% of employees who say they don’t as a result of their employer doesn’t provide it say they’d be prone to buy it if it was an possibility.
That’s in response to a survey carried out on-line by The Harris Ballot on behalf of OneAmerica® of over 1,000 U.S. adults 18 years or older who’re employed full- or part-time2 that illustrated why this foundational worker profit is coveted — to guard themselves and their family members from future monetary hardship.
It’s the second yr in a row respondents have said they see group life insurance coverage as a precious worksite profit as a result of it’s typically unavailable to them to buy individually3. Those that have it say it more and more offers them the “peace of thoughts” that they’re after (44% in 2018 vs 53% in 2019) to outlive ought to a tragedy occur.
“September is Life Insurance coverage Consciousness Month, and the knowledge gathered by The Harris Ballot gives additional proof of the sturdy want for employed Individuals to have entry to options to guard the monetary way forward for their households,” stated Dan Aiello, regional vp of gross sales and repair, worker advantages at OneAmerica. “For many workers, the office is now the one alternative to be educated about and buy life insurance coverage type a completely vetted service.”
“In the present day, voluntary advantages aren’t voluntary on the employer degree,” Aiello added. “Staff are demanding all these merchandise and our brokers perceive that their employer teams have to supply them to spherical out a complete and aggressive profit program.”
Virtually half of employees who shouldn’t have voluntary group life insurance coverage via their employer (47%) say it’s as a result of their employer doesn’t provide it; amongst them, a majority (59%) say that if their employer was to supply voluntary group life insurance coverage they’d be prone to buy it.
When requested why they’ve voluntary group life insurance coverage via their employer, 53% say peace of thoughts; 44% say it’s to guard household/family members from future monetary hardship; 39% say it’s to repay money owed and ultimate bills within the occasion of their passing; 23% to go away an inheritance for youngsters or grandchildren; and 21% to interchange a partner/accomplice’s revenue within the occasion of their passing.
“Our brokers, gross sales workforce and employer purchasers all view employer-provided group life insurance coverage for what it really is—an inexpensive means to supply protection for an unplanned life occasion,” Aiello stated. “If a breadwinner within the household dies unexpectedly, nothing can carry that individual again. However what we will and do ship is consolation, assist and the aid from monetary insecurity and devastation.”
Though it’s open enrollment season for these employers who had already bought insurance policies main as much as January 1, any employer has the flexibility to contact a dealer about both group life insurance coverage or incapacity revenue insurance coverage at any time. (OneAmerica Small Enterprise Options, for instance, can be found in a wide range of choices to organizations as small as 2 workers.)
The OneAmerica/Harris Ballot supplied alternatives for carriers to handle:
28% of employed Individuals have voluntary group life insurance coverage via their employer, and considerably extra male workers (31%) than feminine workers (24%) say they’ve it.
29% of youthful workers, ages 18 to 34, have voluntary group life insurance coverage via their employer; the next-closest, at 28%, are ages 35 to 44 years previous.
Staff with annual family incomes between $75,000 and $99,999 are extra probably than these with annual family incomes of lower than $50,000 to have voluntary group life insurance coverage via their employer (35% vs. 17%).
Of the American workforce who reported they didn’t have voluntary group life insurance coverage via work, the main cause they didn’t have protection was not that that they had different obligations/bills which might be extra essential (13%), didn’t see the worth of it (13%), couldn’t afford it (11%) or have been wholesome and didn’t want it (11%); it was as a result of their employers don’t provide the profit (47%).
In the meantime, the survey confirmed that 44% of employed Individuals had conventional group life insurance coverage (i.e. time period life insurance coverage supplied by an employer that’s paid for by the employer.)
“Life insurance coverage is without doubt one of the most essential forms of insurance coverage protection out there for the monetary wellness of center America,” Aiello stated. “Firms who provide voluntary group life insurance coverage preserve their very own advantages prices low and provides their workers a precious, lower-cost life insurance coverage possibility than the workers would be capable of buy within the particular person insurance coverage market.”
He added: “We have to do extra to coach corporations and employees on this precious and cost-effective core foundational profit.”
Discover extra info at https://www.oneamerica.com/products-services/business-life-insurance.
OneAmerica® is the advertising identify for the businesses of OneAmerica. Insurance coverage merchandise points and underwritten via American United Life Insurance coverage Firm® (AUL), a OneAmerica firm. Harris Insights & Analytics just isn’t an affiliate of the businesses of OneAmerica.
A nationwide supplier within the insurance coverage and monetary providers market for greater than 140 years, the businesses of OneAmerica assist prospects construct and shield their monetary futures. OneAmerica provides a wide range of services and products to serve the monetary wants of their policyholders and prospects. These merchandise embody retirement plan merchandise and recordkeeping providers, particular person life insurance coverage, annuities, asset-based long-term care options and worker profit plan merchandise. Merchandise are issued and underwritten by the businesses of OneAmerica and distributed via a nationwide community of workers, brokers, brokers and different sources who’re dedicated to offering worth to our prospects. To be taught extra about our merchandise, providers and the businesses of OneAmerica, go to OneAmerica.com/corporations.
About The Harris Ballot
The Harris Ballot is without doubt one of the longest operating surveys within the U.S. monitoring public opinion, motivations and social sentiment since 1963 that’s now a part of Harris Insights & Analytics, a world consulting and market analysis agency that strives to disclose the genuine values of recent society to encourage leaders to create a greater tomorrow. We work with purchasers in three major areas; constructing twenty-first-century company repute, crafting model technique and efficiency monitoring, and incomes natural media via public relations analysis. Our mission is to supply insights and advisory to assist leaders make one of the best selections doable.
1 Employed is outlined as full-time or part-time.
2 The 2019 survey was carried out on-line inside america by The Harris Ballot on behalf of OneAmerica from April 18 – 22, 2019 amongst 1,017 U.S. adults ages 18 and older who have been employed full-time or part-time. The 2018 survey was carried out on-line inside america by The Harris Ballot on behalf of OneAmerica from Jul 26-30, 2018 amongst 1,054 U.S. adults ages 18 and older who have been employed full-time or part-time. These on-line surveys should not based mostly on a chance pattern and subsequently no estimate of theoretical sampling error will be calculated. For full survey methodologies, together with weighting variables and subgroup pattern sizes, please contact Tom Spalding at 317-656-7644.
three Supply: https://www.oneamerica.com/newsroom/news-releases/group-life-insurance-employee-benefits-harris-poll-oneamerica