Flowers, chocolate – and life insurance. It’s no coincidence that February, the month of love, is also the month of the annual Insure Your Love campaign.
On a personal level, life insurance might not seem very romantic, but there’s plenty of reason to think about it this Valentine’s Day. After all, Valentine’s Day is all about demonstrating your love to that special someone, not with jewelry and cards, but with essential protection.
On a business level, it’s also a great time to help your team think about their life insurance needs.
What Is the Insure Your Love Campaign?
Every year, the Insure Your Love campaign is coordinated by the nonprofit organization Life Happens. The campaign focuses on the true purpose of life insurance: protecting the people we love. We always want to be there for our loved ones, but if we can’t, we want to know they will still be provided for. Life insurance makes this possible.
What Can Employers Do?
Offering life insurance is an easy way to help your employees and help your company in the process. According to a Glassdoor survey, 63 percent of job seekers and employees say that benefits are one of the top factors they consider when looking at job ads. If you want to attract talent, you need to offer benefits.
When it comes to life insurance, education is also key. According to the 2018 Insurance Barometer Study from Life Happens and LIMRA, 44 percent of Millennials overestimate the cost of life insurance by five times, and many need help understanding product types, coverage amounts and how to qualify. Life insurance can be a scary topic for many people, so employers can help by providing information as well as coverage.
If you visit the Life Happens website, you’ll discover a great video, calculators, case studies and other tools that you can share with your team, as part of your overall workplace wellness strategy. As you know, financial wellness is part of workplace wellness, and life insurance is an important component.
What Can Individuals Do?
If you’ve been putting off getting life insurance, now is the time to act. Remember that you’re not doing it for yourself. You’re doing it for the people you love. This is especially important if you have a spouse, children or anyone else who depends on you.
If you have a group policy through your employer, review it to make sure you’re satisfied. Some coverage is always better than no coverage, but there are many variables when it comes to life insurance products. Some provide coverage for a set term, while others can provide coverage for your entire life. Some offer modest payouts primarily meant to cover burial expenses, while others provide larger sums that can be used to make up for the loss of an income-earner, to pay off a mortgage and other debts or to create a tuition fund.
If you’re not happy with the amount of coverage you have through your group plan – or if you don’t have coverage at all – consider getting an additional life insurance policy on your own. It might be an unusual Valentine’s Day gift, but it’s one that truly shows how much you care.
BNC can help. Request a life insurance quote here.