More Americans recognize the fundamental value of life insurance, but they don’t have enough of it. LIMRA estimates that 48% of households have an average life insurance coverage gap of $200,000.1 Most households that have life insurance only have limited coverage levels under group plans. Employer-sponsored plans typically provide coverage of one times salary or less, while most primary wage earners carry more than twice that amount in accumulated debt.
The numbers paint a bleak picture. It’s important to remember that millions of families live at risk without even the most basic level of life insurance coverage. If the primary wage earner died, most families would have trouble paying for daily living expenses.
USAble Life offers employer-paid and voluntary, employee-paid life insurance plans that can help fill the coverage gaps. USAble Life offers flexibility and various coverage levels designed to fit a variety of needs. Plans can be designed to cover basic funeral expenses or to replace relied-upon income in the event of the primary wage earner’s death.
“Adding voluntary life to an employer-funded plan gives employees more financial security options. It allows them to buy additional coverage specific to their individual needs,” said Octavia Fuller, USAble Life Director of Life and Disability Products. “Voluntary plans typically include spouse and child coverage at reasonable rates, so the employee can provide financial protection for the whole family through payroll deduction. Coverage is portable so the employee can rest easy knowing their coverage continues by direct payment.”
To discuss your plan options, please contact your USAble Life Regional Service Manager.
1Life Insurance Ownership in Focus, 2016 LIMRA Executive Summary