68% of Employees Would Purchase a Group Life Insurance Plan If Offered to Them

By Michael Guta | Small Business Trends |

A survey conducted on behalf of OneAmerica by Harris Poll revealed 68% of workers would be somewhat or very likely to purchase voluntary group life insurance if it was offered by their employer.

The survey comes as Life Insurance Awareness Month is being recognized in September, which highlights the need for this type of coverage. With voluntary life insurance, businesses give their employees optional life insurance which they have to pay for.

Whether it is the workforce of small or large businesses, oftentimes employees don’t consider life insurance as an option. However, with a tight labor market more organizations are making provisions to make life insurance available in different forms as an incentive.

As Jim McGovern, senior vice president of employee benefits at OneAmerica said in the press release, “For most employees, the workplace is the only opportunity they have to purchase life insurance.”

According to McGovern, providers have to make more of an effort to help employers understand the value of providing life insurance. He goes on to say, “Many employers believe 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 untrue. We need to do more to educate companies and workers on this valuable and cost-effective core foundational benefit.”

Read more at Small Business Trends.