Some say the key to attracting and retaining top talent is through a robust benefits package. Benefits play a crucial role in both attracting and retaining employees. Innovative benefit packages are often what distinguishes an employer from the pack—and what you’re not offering potential employees stands out even more. One key benefit you can offer employees is group life insurance and surprisngly Aover half of employed Americans (45%) report not having voluntary group life insurance provided by their employer.
A recent survey conducted online by Harris Poll on behalf of OneAmerica®, only 45% of employed Americans claim to have voluntary group life insurance provided by their employer. But the survey of 2,167 U.S. adults ages 18 years or older, among whom 1,110 are employed, showed that it wasn’t because of a lack of interest. Instead, the survey found that many employees who do not have voluntary group life insurance provided by their employer say their employer doesn’t offer it (45%).
Less than half of employed Americans (45%) 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%) said they had other obligations or did not see the value in it (14%).
“More and more Americans are realizing the value of group life insurance for their families and their financial futures,” said Jim McGovern, senior vice president of employee benefits at OneAmerica—in a press release. “For most middle America families, the workplace benefits meeting is the only opportunity they have to purchase life insurance.”
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.
“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.”
For employers who already offer group life insurance, OneAmerica suggests that sometimes this vital benefit gets overlooked during open traditional enrollment periods—or immediately after a hire, when they were selecting benefits—so it’s worth reminding employees, continuously, that this option is available.
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Author: HR Daily Advisor Editorial Staff