August 24, 2018 | By OneAmerica | PRNewswire
OneAmerica®-Harris Poll illustrates appetite as American workers seek to protect their financial futures
INDIANAPOLIS, Aug. 24, 2018 /PRNewswire/ — Although just over a quarter of employed Americans (27%) have voluntary group life insurance, 68 percent of workers who say they don’t because their employer doesn’t offer it would be somewhat or very likely to purchase it if offered at their company.
That’s according to a survey conducted online by The Harris Poll on behalf of OneAmerica® of over 2,000 U.S. adults 18 years or older, among whom over 1,000 are employed full- or part-time. The survey illustrated why this foundational employee benefit is desired — to protect themselves and their loved ones from future financial hardship.
“September 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 long-term solutions to protect the financial future of their families,” said Jim McGovern, senior vice president of employee benefits at OneAmerica. “For most employees, the workplace is the only opportunity they have to purchase life insurance.”
When asked the reasons why they have voluntary group life insurance through their employer, 60 percent of employees who have it say it’s to protect family/loved ones from future financial hardship; 44 percent say peace of mind; 40 percent to pay off debts and final expenses in the event of their passing; 27 percent to replace a spouse/partner’s income in the event of their passing; and 26 percent to leave an inheritance for children or grandchildren.
Voluntary life insurance is optional life insurance provided by an employer that an employee pays for should they choose to have it.
The OneAmerica/The Harris Poll survey provided opportunities for carriers to address: