September is Life Insurance Awareness Month, which is a perfect time to reexamine the life insurance plans that you’re providing your employees, as well as to talk to employees about their family’s financial future in the event of a family members’s death.
Reexamining Your Company Life Insurance Plan
You know that losing a family member is devastating and a hard time both emotionally and financially for families. In addition, when losing a family member, a family may also lose income. As an employer, it’s important to realize that a family’s emotional and financial well-being are key factors in helping them recover. Besides helping families with their finances, make sure your life insurance plans also offer face-to-face counseling and legal and financial counsel to assist employees and their beneficiaries.
Make sure your plan also includes these valuable extras to give employees a sense of emotional support, as well as financial security:
- A member-assistance program to help employees with work/life challenges. The member-assistance program should offer both telephone and web support.
- Identity-theft recovery services.
- Beneficiary services to help family members close accounts and finalize their loved one’s estate, as well as grief counseling and services that help promote better health and well-being.
- Discounts on health and well-being products.
Talking to Your Employees During Life Insurance Awareness Month
Let’s start by looking at some statistics from a recent survey:
- The odds of winning the Mega Millions or Powerball lotteries are 1 in 175 million.
- Lifetime odds of dying in a motor-vehicle crash or dying from a lightning strike are much higher.
- Only 63 percent of Americans have life insurance to protect their family’s financial needs and well-being. Twenty-five percent of Americans say they have no savings and could not pay necessary bills without their income.
The survey also showed that family is a priority for Americans, with nearly all survey respondents (97 percent) saying “I would do anything to protect my family’s safety and security.” So besides playing the lottery, how are Americans protecting their family’s financial well-being? Not enough. Thirty-seven percent of all consumers lack life insurance, which is a necessity when it comes to protecting their families.
Clearly, the statistic shows a need for further education regarding the benefits of life insurance. Consider reaching out to employees during the month of September to help educate them on the benefits of this coverage, and share the infographic below. Employees can also visit lifehappens.org for more information on life insurance.
Tracie Foster is the Director of Life & Disability Product Management and Business Development at Anthem, Inc.