Disability insurance has become an increasingly valuable part of a comprehensive employee benefits package. Not only does disability insurance fill the gaps in financial protection offered by other programs like Social Security, it is also a highly sought-after component of a competitive benefits package for employers who need to attract and retain talented employees.
Employees appreciate the peace of mind they receive as their income replacement benefits are being paid, employers can use the resources offered by insurers to manage time and productivity losses and find the most effective ways to return employees to work.
- The average disability claim lasts almost 13 months and mortgage foreclosures due to disability occur 16 times as often as they do for death
- one-third of employed Americans will become disabled for at least 90 days at some point in their career
- Without disability and life insurance protection, workers and their dependents are “living on the edge,”
- Life insurance is an appreciated employee benefit
- Sought after employees expect life insurance as a component of a comprehensive employee benefits package.
Though life insurance is an important asset for future financial security, many employees don’t realize its importance. Teaching employees about the value of life insurance may increase loyalty to the company as they better appreciate this benefit.
Ask employees to envision the debt and financial responsibilities that loved ones would face in the event of their death. If the employee is the primary household income earner, how will the family support themselves? If the employee dies and leaves behind a mortgage or substantial medical bills, who will have the burden of paying that debt? Many employees do not realize the financial benefits of a life insurance policy until they think through these issues.