Competition may look fierce in the voluntary life insurance, but OneAmerica Financial Partners Inc. says there are still giant holes in penetration.
Only about 28% of the U.S. workers who participated in a survey the company commissioned said they had purchased voluntary life insurance at work.
About 47% who have no voluntary life insurance said they had no access to voluntary life benefits at work.
When OneAmerica broke out the data for the survey participants with no access to voluntary life at work, it found that 59% said they would be likely to buy voluntary life insurance, if their employer offered that benefit.
OneAmerica — the Indianapolis-based parent of American United Life Insurance Company — hired the Harris Poll to conduct the survey. The survey sample included 1,017 U.S. workers ages 18 and older who were employed full-time or part-time.
When OneAmerica sponsored a similar but somewhat different survey in 2017, it found that 45% of the participants reported having voluntary life insurance. About 45% of the participants without voluntary life insurance said their employers did not offer voluntary life insurance benefits.
Dan Aiello, a regional vice president at OneAmerica, said in a statement about the new results that September is Life Insurance Awareness Month.
He said employers can play a role in helping employed Americans protect their families.
“For most employes, the workplace is now the only opportunity to be educated about and purchase life insurance from a fully vetted carrier,” Aiello said.
— Read Brooke Shields to Promote Life Insurance Awareness, on ThinkAdvisor.