Due in part to the financial crisis, disposable income is at an all-time low and American families have to make difficult decisions about their financial priorities. And, unfortunately for most people, life insurance is not at the top of that list. Generally speaking, most people think it's too expensive. Additionally, they don't know where to start or find their choices overwhelming and confusing. Bottom line, they lack confidence in selecting the type of life insurance to fit their needs and their budget, which causes paralysis and leads to inaction. This is where the employer can help.

Employers

Many employers, especially larger employers, either provide life insurance to their employees or make it available to purchase through the worksite. In fact, 56 percent of all life insurance is obtained through the employer and, among that group, 61 percent of employees pay some or all of that cost. 

Smaller employers, however, are less likely to offer these types of benefits. In total, 98 percent of all businesses have less than 100 employees, employing 40 million workers (35 percent of the entire labor market).  And these employers genuinely care about the welfare of their employees, which is why they are the perfect conduit in helping people gain access to life insurance. This leads to you. Surprisingly, 66 percent of small employers who currently don't offer benefits have not been contacted by an advisor. Furthermore, studies show that they will meet with an advisor if contacted by one.  

Advisors

The opportunity for you is significant, both in terms of employers and employees alike, because millions of people need the security provided by life insurance. Perhaps the key is to look beyond the product itself.  As an advisor, find ways to stand out in the market…to differentiate. Comprehensive solutions, voluntary options, enrollment support and service excellence are all successful approaches.

Finding a carrier to support you in these endeavors is equally important –one who can help administer the employer's account as well as the relationship with the employee. With these in your tool kit, you will not only help the employer sponsor a plan but, at the same time, increase employee satisfaction.

In the grand scheme of things, employees are very interested in buying life insurance through their workplace. That's because it's convenient, it costs less, generally offers some level of coverage without proof of good health and they can opt to have premiums deducted from their pay. And, because the life insurance market is still underserved, millions of people need the security that you can help provide. I hope you're up for the challenge to do just that.