While most Americans agree it’s important to have life insurance, they don’t tend to seek out coverage on their own. It’s a puzzling contradiction; one that smart employers understand and respond to. For the first time in history, more Americans get life insurance coverage through their employer rather than individually purchased policies.
According to LIMRA, a trade organization for the insurance industry:
- 42% percent of Americans say their household would face financial hardship within 6 months should a wage earner die unexpectedly, while 25% state they would struggle financially within a month
- 57% of American workers rely on workplace life insurance to meet their needs
- More than 8 in 10 U.S. workers want their employer to offer life insurance
Source: LIMRA
Life insurance is a smart, simple, and affordable way to protect the financial future of your employees and their families. Offering life insurance to your employees is a cost-effective way to boost employee satisfaction, reduce turnover, and help you attract and retain top talent. In the event of a tragedy, life insurance proceeds can help your employees with:
- Income replacement. Policy proceeds can be used to pay bills when income is lost due to death.
- Funeral expenses. Costs are rising every year. In 2021, the average cost of a funeral was nearly $8,000.
- Mortgage protection. Policy proceeds can help a family keep their home.
- Tax-favored advantages. Some types of life insurance offer tax benefits to help reduce the overall cost of coverage.
- Transferring of wealth to family. Policy proceeds can become part of an estate.
Our Advance Insurance Company of Kansas (AICK) experts can help you make the best choice for your employees:
- Term life insurance. Term life is easy for your employees to understand, and competitively priced. With AICK, you can choose from basic and voluntary term life.
- Accidental Death and Dismemberment (AD&D) Insurance. Both term life policies offer AD&D as a supplement.
- Dependent Life. This provides coverage for an employee’s spouse and unmarried children, and is available only with the purchase of basic term life and an AD&D plan.
AICK voluntary life plans are available up to $500,000 (depending on groups size), and features:
- Guarantee issue— A shorter application process featuring no health insurance questions up to the guarantee issue amount (requires minimum participation).
- Annual benefit increases—The ability to increase existing coverage by $10,000 during the annual enrollment period.
- Portability—Allows employees to take their plan with them if they change jobs.
- Spouse and dependent coverage—Offers protection for your employees’ spouse and children.
- Accelerated benefits—Terminally ill employees may receive a portion of their life insurance benefit prior to death.
Take the next step. Select from our competitively priced life insurance plans and options for your employees. Find more information online.
AICK is a subsidiary of Blue Cross and Blue Shield of Kansas. AICK covers more than 121,000 Kansans, with more than $2.6 billion of life insurance in force. A.M. Best, one of the industry’s most trusted rating agencies, confirms the financial strength of AICK with an “A” (Excellent) rating.