1MetLife offersthe broadest product portfolio and innovative enhancements to satisfy thechanging needs of employers and employees. Focused on delivering outstandingcustomer service and committed to narrowing "the underinsured gap," MetLifeprovides decision-making tools and enhanced communications that educateemployees about the need for life insurance.
Although most employers typically provide Basic Life Insurance coverage as acore benefit to their employees, as well as the opportunity to purchasesupplemental coverage, research continues to reveal that the U.S. population isseriously underinsured.
Almost one-third of Americans age 18 and over have no life insuranceprotection.
Of those households that do have protection, 30% have coverage that’s lessthan one times their annual income which for most people is not nearly enough.
As much as 36% of the "prime needs" population--full time employeeswith financial dependents--don’t have any life insurance protection.
Two-thirds of employees are concerned about their family’s financialsecurity in the event of premature death. Yet, in the past year, only 10% ofemployees evaluated their life insurance needs. And, less than 5% purchasedadditional or first-time coverage.
Life insurance is an essential component of an employee’s overall financialplan, and since the workplace is the primary channel for life insurancedistribution, employers play a critical role in helping to narrow theunderinsured gap.
Easy to Use Benchmarking Survey
The Group Life Insurance Benchmarking Survey is an interactive, Web-basedtool that helps employers recognize that their employees may be underinsured, andasks 5 thought-provoking questions about their life insurance programs.Employers can benchmark their programs against other companies who’vecompleted the survey, industry benchmarks and MetLife's own best practices.
The MetLife Group Life Insurance Benchmarking Survey can be accessed at: www.metlifeiseasier.com/life.
MetLife Recommends Best Practices
In just minutes, MetLife’s new Benchmarking Survey lets employers see howtheir life insurance program compares to those of like-sized companies.Furthermore, MetLife recommends "best practices" that employers canimplement to help ensure that employees get the most out of their Group LifeInsurance program.
For example, if employee participation rates in a supplemental life insuranceprogram are low, consider the following steps to help increase participation:
Provide employees with decision-making tools (such as an online calculatorand worksheets). MetLife’s Life Insurance Calculator can be viewed through thebenchmarking survey at www.metlifeiseasier.com/life
Take advantage of multiple communication channels (meetings, paper, e-mail,Internet/intranet) to help educate employees.
Use clear, simple, concise language in employee communications. Researchshows employees are overwhelmed by their benefit options, and appreciate briefsummaries, visual aids, and easy-to-read information.
Create communications that describe the need for life insurance not just theelection options available. Many employees do not understand the need for lifeinsurance, or the impact of their life events on their insurance needs.
Offer enrollment opportunities outside the annual benefits enrollment period,such as after a life event, so that employees life insurance coverage can keeppace with their changing needs.
Offer employees the ability to use the Internet or Intranet to enroll forbenefits, update records, and access information and planning tools. Researchshows that employees prefer to enroll for benefits online, using the Internet orcompany intranet.
Try MetLife’s Group Life Insurance benchmarking survey today, and discoverhow your company’s life insurance benefits compare and how you can helpemployees get more out of the benefits you provide.
Metropolitan Life Insurance Company
One Madison Avenue, New York, NY 10010
1Based oninforce premiums, 2001 share, AM Best Life/Health, Volume 2002, #7.
2MetLife, Life Insurance-Post 9/11/01 Study, 2002. "Underinsured" is definedas having life insurance coverage equal to or less than three years of householdincome.
3MetLife,Group Life Insurance Enrollment & Communication, 2002.
4MetLifeFinancial Freedom Study, 2002.