INDIANAPOLIS, Aug. 31, 2017 /PRNewswire/ -- When asked if they had auto, health or home insurance, 80 percent of Americans say they have at least two of these. But over half of employed Americans (55 percent) don't have voluntary group life insurance provided by their employer.
In a March 2017 survey conducted online by Harris Poll on behalf of OneAmerica®, only 45 percent of employed Americans claim to have voluntary group life insurance provided by their employer. But the survey of 2,167 U.S. adults ages 18 years or older, among whom 1,110 are employed, showed that it wasn't because of a lack of interest. Instead, the survey found that many employees who do not have voluntary group life insurance provided by their employer say their employer doesn't offer it (45 percent).
Less than half of employed Americans (45 percent) have voluntary group life insurance provided by their employer. Among those who don't have voluntary group insurance provided by their employer, only a small percentage (9 percent) said they had other obligations or did not see the value in it (14 percent).
"More and more Americans are realizing the value of group life insurance for their families and their financial futures," said Jim McGovern, senior vice president of employee benefits at OneAmerica. "For most middle America families, the workplace benefits meeting is the only opportunity they have to purchase life insurance."
Life insurance is one of the most important types of insurance coverage available to support long-term financial security. Being covered can protect loved ones' financial futures in the case of death. Companies who offer voluntary group life insurance keep their own benefits costs low and give their employees a valuable, lower-cost life insurance option than the employees would find in the individual insurance marketplace.
OneAmerica has companies that offer employer-paid and voluntary term life insurance (where the employee pays for the life insurance benefit, but receives a group rate). In Eastbridge Consulting Group's 2016 U.S. Voluntary/Worksite Sales Report, OneAmerica was the fastest-growing company in the small carrier category ($10 to $50 million in sales).
"A lot of employers think 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 widely untrue," McGovern said. "Even among younger people, the survey shows that there is notable interest in being covered under group life insurance. We need to do more to educate companies and workers on this valuable and cost-effective core foundational benefit."
OneAmerica encourages employees to check with their human resources representative about voluntary group life insurance coverage; sometimes employees discover this vital benefit is available from their employer but got overlooked during open traditional enrollment periods or immediately after a hire, when they were selecting benefits.
Find more information at https://www.oneamerica.com/products-services/business-life-insurance.
OneAmerica® is the marketing name for the companies of OneAmerica. Insurance products issued and underwritten through American United Life Insurance Company® (AUL), a OneAmerica company. Legacy form number: L59. Not available in all states or may vary by state. Eastbridge Consulting Group is not an affiliate of AUL and is not a OneAmerica company.
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica have helped customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.
 Survey Methodology: The survey was conducted online within the United States by Harris Poll on behalf of OneAmerica from March 28-30, 2017, among 2,167 U.S. adults ages 18 and older, among whom 1,110 are employed. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Tom Spalding.
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