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Friday, Apr 25th

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You are here: Money Insurance Workplace Life Insurance: A safety net for women

Workplace Life Insurance: A safety net for women

Workplace Life Insurance : A safety net for women

Most of the working women are concerned about the financial security of their families in case of their premature death. Although the percentage of concerned women declines the concerned men's percentage, women are more underinsured than male counterparts. According to the survey, 51% women admit that they live on pay check to pay their bills. The same survey states that many of them don't have savings to be dipped into the event of unexpected loss.

Reducing the Underinsured Gap: A rising number of single-parent and dual income families depend on the income of a working woman. With the responsibility of raising a family and caring for the old parents, it is essential to take passable coverage in case of premature death. In spite of their desire to protect their family members, women participate in group life insurance in lower coverage amounts than male counterparts. Important life events such as marriage, home ownership and birth of a child increase the women's financial needs.

Unfortunately, these requirements are not always turned into action to obtain passable life insurance. Producer always have an opportunity to help employers in making a considerable difference to bridge the underinsured gap. An increasing number of employees, including women, depend on their workplace as starting point for building their financial safety net. By educating women the value of life insurance, employers can help women to provide financial protection to maintain their standard of living and save something for their future.

  1. Strategic Next Steps: Helping working women in understanding their workplace benefits can increase their loyalty toward employers and higher preservation. Some key steps can eliminate the gender differences in life insurance and guarantee suitable coverage levels for all employees.
  2. Offer opportunity to purchase additional life coverage through their workplace. It can help all the employees to purchase supplemental levels of coverage according to their personal needs with the convenience the workplace provides.
  3. Promote life insurance during a period exterior to open-enrolment season as it can boost participation. Promoting a separate enrolment opportunity, allows employees to focus on the needs of their life insurance rather than making all benefits decisions, including about health insurance.
  4. Providing access to online resources and tools. Offer a variety of life insurance education and assessment tools to help working women understand their needs, help them easily enrol and assess the right coverage amount.

Offer a life insurance program which is more than a death benefit. Items like estate resolution services, will preparation and some other assistance for employees beneficiaries can increase the value proposition of the program.