Open enrollment is underway, and while health insurance will likely get the lion’s share of attention, voluntary benefits deserve attention, too. Now is the perfect time to consider how life insurance can help employees.
Many people put off purchasing life insurance. This might be because they don’t like thinking about death, or because they think they’re too young and healthy to have to worry about it. The reality, though, is that death can be unpredictable. The ongoing pandemic, for example, has been especially bad for the elderly and sick, but John Hopkins Medicine warns that younger adults are also at risk.
The pandemic isn’t the only threat, either. From cancer to car crashes, we never know what the next day will bring. While the situation can be scary, some of that fear can be alleviated by taking actions to protect our loved ones. Securing life insurance is one of the simplest ways to do this.
Why Employees Need Life Insurance
Many employees work so they can support themselves and their families. In many cases, the family depends on a regular paycheck. If the breadwinner dies, the family is hit with two disasters: the death of a loved one and the loss of financial stability. While life insurance cannot prevent the former disaster, it can prevent the latter.
Even just having life insurance may go a long way to reduce stress. According to Bloomberg, a recent MetLife study found that 52% of full-time U.S. workers say that money is the top source of worry, while 44% cite physical and mental health as the top concern.
People are worried about health and money, and the pandemic has exacerbated both of these fears. According to The American Institute of Stress, stress can cause sleep problems, increase susceptibility to viral infections, raise the risk of heart attack or stroke, and contribute to a number of other physical symptoms. Stress can also impact productivity; 52% of men and 42% of women say their stress impacts their ability to focus the next day.
Securing life insurance can provide some peace of mind and reduce at least one source of stress. It may also improve job satisfaction and loyalty. According to Property Casualty 360, a recent survey from Prudential Financial found that 72% of employees surveyed say that a strong benefits package – including life insurance – is a big part of why employees decide to stay with an employer.
Life Insurance Resources
This is a great time to learn about life insurance benefits, and there are plenty of resources to help.
At Life Happens, you’ll find videos, graphics, and other resources tied to LIAM 2020 Spokesperson Brooke Shields; emails, flyers, graphics, and other resources. LIMRA also provides resources, including videos that cover key life insurance topics.
Heffernan Insurance Brokers offers life insurance plans for employees and businesses. Click here to learn more.