Workers see value in having life insurance

Nov 18, 2010

In the next five years, workers polled said life insurance will be a significant factor.

A recent poll shows workers place a premium on having life insurance coverage.

According to a poll from Harris Interactive taken for Colonial Life & Accident Insurance Company showed 82 percent of respondents indicated this type of coverage would be important five years down the road. Respondents also said other policies were valued, including disability and critical illness coverage.

However, nearly a quarter of those polled said enrolling in voluntary benefits would not strengthen their financial position. Randy Horn, president and chief executive officer of Colonial, said consumers need to be educated on why being covered is important.

"Benefits providers can help by providing year-round communication and engagement programs to help employees better understand their role in the benefits process and the importance of workplace benefits in their overall financial protection," Horn said.

Having life insurance coverage provides an employee's family with financial security should the primary income earner die. Funds can be used to pay for funeral expenses, a child's education or mortgage payments.

There are two basic forms of life insurance coverage - term and whole. The former lasts for a set amount of time, while the latter exists as long as the policy holder lives.

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