By Pension and Benefits Editorial Staff
Almost half of U.S. workers who are not enrolled in voluntary group life insurance through their employer (47 percent) say it is because their employer does not offer it; of those, 59 percent say they would be likely to purchase it if it were offered, according to recent research from OneAmerica. The survey identified other reasons that employees were not enrolled in voluntary life insurance: they had other obligations/expenses that are more important (13 percent); did not see the value of it (13 percent); could not afford it (11 percent); or were healthy and did not need it (11 percent).
The survey of over 1,000 adults found that 28 percent of workers are enrolled in life insurance, and 53 percent o those enrolled say it gives them “peace of mind” to survive should a tragedy happen. Other reasons for enrolling in voluntary life insurance are to protect family/loved ones from future financial hardship (44 percent); to pay off debts and final expenses in the event of their passing (39 percent); to leave an inheritance for children or grandchildren (23 percent); and to replace a spouse/partner’s income in the event of their passing (21 percent).
The survey also found the following:
- Significantly more male employees (31 percent) than female employees (24 percent) say they are enrolled in life insurance.
- 29 percent of younger employees, ages 18 to 34, have voluntary group life insurance through their employer; the next-closest, at 28 percent, are ages 35 to 44 years old.
- Employees with annual household incomes between $75,000 and $99,999 are more likely than those with annual household incomes of less than $50,000 to have voluntary group life insurance through their employer (35 percent vs. 17 percent).
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