Voluntary Group Life Insurance

R&R Insurance Services can design a group life program to meet the needs of your employees. Many employees are underinsured, leaving spouses and children in a financial bind. A group life program can provide employees with peace of mind.

Here are some insights into life insurance products for your employees:

 

Generation Y
Ages: 18-31		 Generation X
Ages: 32 - 47		 Boomers
Ages: 48 - 66
 Needs:  Needs:  Needs:
  • Pay off debts – outstanding student loans and credit card balances
  • Starting to form families with dependent responsibilities – but least likely to have coverage
  • Speedy enrollment process
  • 51% interested in purchasing life insurance at work if employer-paid is not available
  • Peak need for family protection and mortgage coverage, etc. – 11 million households with children under 18 have no life insurance coverage
  • 51% very concerned about financial security in the event of premature death
  • 42% who own life insurance have inadequate coverage or do not know if they have enough
  • 42% interested in purchasing life insurance at work if employer-paid is not available
  • Even empty nesters may need life insurance as many still have a dependent partner, and may also help support grandchildren
  • 44% who own life insurance have inadequate coverage or do not know if they have enough
  • 55% are very concerned about the financial security of their family in the event of disability, but 61% of them have inadequate coverage or do not know if it is adequate
  • 30% interested in purchasing life insurance at work if employer-paid is not available
Suggested Coverages: Suggested Coverages: Suggested Coverages:
  • Low cost premiums – 49% say they can’t afford
  • Easy-to-understand product descriptions
  • No required medical exam for time-saving
  • convenient payroll deductions

 

 
  • Straightforward information/ tools to calculate coverage needs and reduce product complexity
  • Affordable premiums and dependent coverage
  • Convenient enrollment process
  • Appropriate fit with existing suite of financial protection products
  • Reasonable premiums for age