About 20 percent of Americans shopping for life insurance went through their employers, according to a recent survey.
Of these, almost one-third said they shopped at least in part because policies were available through work, and 75 percent actually bought coverage. LIMRA determined that common motivations to begin looking at policies included life changes such as an alteration in marital status or having a child, regardless of where the individuals shopped.
Most of those likely to take advantage of voluntary life insurance employee benefits are married or living with a partner and many have children younger than 18 years old. Workers looking for coverage through their company are typically younger than those who use other methods, also possessing higher average incomes and more extensive investable assets.
Men accounted for 10 percent more of these shoppers than women, although LIMRA analysts noted that many consumers are drawn to the feeling of security and convenience that employer-sponsored benefits can yield. Administrators may need to spend more time helping young workers understand their coverage. According to the survey, these employees may also need and want more follow-up effort from sales representatives when they are looking at coverage.
