Thirty-eight percent of U.S. adults say their ability to manage finances is average or worse. An additional 40% say they don’t have a life insurance policy or don’t know if they have one, according to an Unum survey. As a trusted advisor, you can offer your clients life insurance as a valuable employee benefit that not only helps attract and retain workers but also addresses financial stress in the workplace.
Forty-six percent of full-time employees purchase life insurance through their employer — most often during open enrollment. Half spend 30 minutes or less reviewing their benefit options, according to a separate Unum survey. It’s not surprising that nearly half of U.S. households are underinsured, with an average coverage gap of $200,000, according to life insurance industry group, LIMRA.
The latest Unum study highlights employees’ financial exposure and anxiety:
- 35% say that a top cause of anxiety is what would happen to their family if they died unexpectedly
- 32% of those in their prime working years (25-64) would feel the financial impact within a month if the family’s primary wage-earner died unexpectedly
- 34% drastically underestimate how much coverage they need to financially protect their family.
- You can address financial exposure and anxiety with Unum life plans through CoPower’s bundled and stand-alone product portfolios for groups of 2 to 249 employees.
These offerings include:
Basic group term life with AD&D, Waiver of Premium, EAP and Travel Assistance
Composite rates for all group sizes. No industry loads. Guaranteed issue
Supplemental voluntary term life with no participation requirements
Unum also offers a long-term disability plan that can be paired with CoPower’s bundled or stand-alone product portfolio plan for groups of 10 to 249 employees
For a quote or for assistance, please contact Rodney Mattos, CoPower Regional Sales Manager at rmattos@copower.com (916) 261-9280 or schedule an appointment online.