Need to Know: Life Insurance Sales on the Rise
It's Life Insurance Awareness Month, and the Robin S. Weingast & Associates team is highlighting some key facts about this important coverage.
Financial and benefits planners know that even a modest life insurance policy can protect your family in the event of a crisis.
Currently, life insurance sales are on the rise, and while 31% of Americans indicate that they plan to buy life insurance in the next 12 months largely due to COVID-19, the truth is that life insurance sales have been increasing since 1983.
It's important for employers to understand that employees turn to their job first when beginning their search for life insurance. This is most likely because costs tend to be lower and there is usually no need for a medical exam.
Knowing that employees will look to their job as a first option, offering a competitive, attractive, and affordable option is only the first step. Employers should consider how they can serve as a resource to employees looking to secure life insurance. Offer baseline information and education about life insurance including guidelines on how to select a coverage amount, resources about how your specific state treats debts after a person dies, and information about any supplemental options available to employees.
As more millennials become parents, life insurance sales are poised to grow even more aggressively in the coming years. Life insurance can be a powerful recruitment, engagement, and retention tool for your talent.
Questions about structuring a life insurance benefit for your company? Contact Robin S. Weingast & Associates to start the conversation.