Basic employer-paid life insurance is a key foundation to manyU.S. workers’ financial safety nets. However, while thetypical one or two times salary benefit might be enough coveragefor some employees, others will have family and financialsituations that require more. Offering supplemental lifeinsurance on a voluntary basis is a cost-effective way foremployers to help employees obtain the right amount of insurancefor their needs. It is also a way to enhance the group lifebenefits program as an employee retention tool – an end resultwhich employers may not realize. MetLife’s 9^thAnnual Employee Benefits Trends Study found that 59% of U.S.workers say non-medical benefits such as dental, disability andlife insurance are important factors in driving loyalty towardtheir employer, however, only 37% of employers thought so.

Employers want to know that the benefits they offer will be usedby employees. With a little bit of effort,employers can implement a supplemental life insurance program thatstays top of mind with employees, enjoys and benefits from greaterparticipation rates, and helps reduce the number of underinsuredworkers—a win-win proposition that also has a great advantage foremployers. Employees in the study who report that they arevery satisfied with their workplace benefits are about three timesas likely to feel more loyal toward their employer compared withthose who are very dissatisfied with their benefits program.

Three Steps to Success