1 in 3 households would have immediate trouble paying living expenses if the primary wage-earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA. And the study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
Although life insurance is one of the most common employer-provided benefits, many employees do not realize it’s value. However, having life insurance is important for people of all ages and a few questions can help your employees think more clearly about their needs and benefits of coverage, such as:
- Are they the primary household income?
- Do they have a mortgage, college loans or other substantial debt that is unpaid?
- How would their family support themselves if they passed?
- Could they (or their family) afford thousands of dollars in medical bills/funeral costs?
It is not the most enjoyable topic for employees, but it is important for them to consider their financial responsibilities and take action to protect their loved one in the event of a tragic accident or illness.
If you or your employees have any questions about life insurance, contact us today!