A study from MetLife highlights the consequences of inadequate life insurance coverage from the beneficiary's perspective and illustrates the role employers play in helping employees build a strong financial safety net.
MetLife offers a few tips for employers to help maximize the value of their group benefits programs and help close the underinsured gap:
- Determine the extent to which employees are underinsured by conducting an analysis of current participation and coverage levels.
- Provide a comprehensive life insurance program that features both term and permanent coverage options to meet multiple needs.
- Gain an understanding of key demographic differences among the workforce and address them as part of any educational and communication outreach.
- Remind employees that certain life events may trigger the need to take action to reevaluate coverage levels.
- Provide access to decision-support tools and educational materials, such as online income-assessment calculators and tutorials.
