Survey: Less Than Half of Employed Americans Have Workplace Group Life Insurance
When asked if they had auto, health or home insurance, 80 percent of Americans say they have at least two of these. But over half of employed Americans (55 percent) don't have voluntary group life insurance provided by their employer.
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Less than half of employed Americans (45 percent) have voluntary group life insurance provided by their employer. Among those who don't have voluntary group insurance provided by their employer, only a small percentage (9 percent) said they had other obligations or did not see the value in it (14 percent).
"More and more Americans are realizing the value of group life insurance for their families and their financial futures," said
Life insurance is one of the most important types of insurance coverage available to support long-term financial security. Being covered can protect loved ones' financial futures in the case of death. Companies who offer voluntary group life insurance keep their own benefits costs low and give their employees a valuable, lower-cost life insurance option than the employees would find in the individual insurance marketplace.
OneAmerica has companies that offer employer-paid and voluntary term life insurance (where the employee pays for the life insurance benefit, but receives a group rate.)
"A lot of employers think that group life insurance isn't something that would attract the type of workers they're looking for, but as our survey shows, that's widely untrue," McGovern said. "Even among younger people, the survey shows that there is notable interest in being covered under group life insurance. We need to do more to educate companies and workers on this valuable and cost-effective core foundational benefit."
OneAmerica encourages employees to check with their human resources representative about voluntary group life insurance coverage; sometimes employees discover this vital benefit is available from their employer but got overlooked during open traditional enrollment periods or immediately after a hire, when they were selecting benefits.
Find more information at www.oneamerica.com/products-services/business-life-insurance.
OneAmerica is the marketing name for the companies of OneAmerica. Insurance products issued and underwritten through
1 - Survey Methodology: The survey was conducted online within
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