Although most employers offer some form of life insurance and most workers value that benefit, they don't place as much value on it as they could. There is significant room for improvement, according to a new study conducted by Guardian Life Insurance.
In fact, on a scale of one to 10, employee respondents rank their assessment of life insurance benefits as an average of 6.8, and approximately half of employee respondents report feeling highly satisfied with their life insurance benefits from their employers. Another 42 percent of employer respondents say they are under the impression that their employees are highly satisfied with their life insurance benefits.
Additionally, the study finds that age and gender can impact how much employees value life insurance benefits. Older respondents typically see life insurance as more valuable than younger respondents, while the average woman places greater value on life insurance than men.
World Financial Group, which analyzes and reviews studies regarding life insurance, finds that appreciating life insurance directly correlates to understanding how it works as well as its potential for real-world value.
For employees to value life insurance fully, they must comprehend how benefits impact them and their families, and they must understand the value that comes from life insurance.