Lack of availability of voluntary life insurance options offered by employers was by far the biggest reason that workers said they did not have this type of coverage. (Photo: Shutterstock)
The survey, conducted online by The Harris Poll on behalf of insurance group OneAmerica, polled more than 2,000 U.S. adults 18 years or older, among whom more than 1,000 are employed full- or part-time.
The results of the survey showed that 27 percent of respondents have voluntary life insurance. Of those who donât have that benefit, 68 percent say they would be somewhat or very likely to purchase life insuranceâif their employer offered it.
âSeptember is Life Insurance Awareness Month, and the information gathered by The Harris Poll provides further proof of the strong desire for employed Americans to have access to long-term solutions to protect the financial future of their families,â said Jim McGovern, senior vice president of employee benefits at One America. âFor most employees, the workplace is the only opportunity they have to purchase life insurance.â
Among the findings of the survey:
According to McGovern, life insurance is one of the most important employer-offered benefits for the financial wellness of middle America. âCompanies 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 turn to in the individual insurance marketplace,â he said. âMany employers believe that group life insurance isnât something that would attract the type of workers theyâre looking for, but as our survey shows, thatâs untrue. We need to do more to educate companies and workers on this valuable and cost-effective core foundational benefit.â