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2019 Survey Shows Employees Want Life Insurance Benefits from Employers

When potential employees are looking for new jobs, they may consider a few things like salary or health benefits. According to the 2019 OneAmerica Harris survey, employees are now also asking for life insurance benefits to come from their employers.1 While we add that to the list of things future employees value, we can begin to see their reasons for wanting life insurance, and reasons why some of them may not already have it.1
 

With so many reasons for having life insurance, as an employer, it’s important to understand why people may have avoided purchasing it.

Why Do People Have Life Insurance?1

 
The 2019 OneAmerica Harris Survey shows why people feel the need to have life insurance policies. Understanding their reasoning for buying life insurance can help to later promote it, if as an employer, you choose to offer it as a benefit.
  •  53% peace of mind
  • 44% protect family/loved ones from future financial hardship
  • 39% pay off debts and final expenses if they pass
  • 23% leave an inheritance for children or grandchildren
  • 21% replace spouse/partner’s income if they pass
With so many reasons for having life insurance, as an employer, it’s important to understand why people may have avoided purchasing it.

Reasons People Don’t Have Life Insurance Policies1

  • 47% say because their employers don’t offer it
    • 59% of those say they would likely purchase it if their employer were to offer it
  • 11% couldn’t afford it
  • 11% were healthy and didn’t need it
  • 13% had other financial obligations that were more important  
We can see almost half the people without life insurance don’t have it because their employer doesn’t give them the option to do through the company. Though, you’ll notice a majority of them would purchase if it were to be provided. Having an employer offer it gives employees the opportunity to potentially have lower premium rates as group life insurance is generally cheaper. This may help others to afford it who initially believed they couldn’t.
 
For more statistics related to life insurance and employees check out the OneAmerica Harris Poll.