Families are financially ill-equipped to maintain their standard of living should a primary income-earner die prematurely. In fact, according to a resource from MetLife, Three Steps to Closing the Underinsured Gap: Evaluate, Enhance, Educate, about three-quarters of 1,000 beneficiaries surveyed did not feel that the amount of the life insurance proceeds they received, if any, after the death of their spouse sufficiently met their needs. Two-thirds of surviving spouses also reported that their loved one's death had a major or devastating effect on the family's financial security.

Most employers provide some amount of life insurance coverage through the workplace. Although this coverage is valuable, many employees often do not take full advantage of workplace programs as a means to help protect their families from the devastating impacts of being underinsured. The challenges surrounding helping employees obtain the right type and amount of life insurance coverage, however, present opportunities for brokers and consultants to strengthen their client relationships.

"Life insurance is a critical component when building a financial safety net, and inadequate amounts of coverage can leave gaping holes," says Graham Cox, vice president, Group Life Products, MetLife. "Helping employers promote the need for adequate life insurance coverage and helping them design a comprehensive offering are two steps brokers and consultants can take to enhance the strategic value of an overall benefits program while simultaneously working to address the larger societal issue of underinsurance."