Open enrollment: it’s time to reassess
September marks both Life Insurance Awareness Month and, for many employers, the start of open enrollment (OE). During this busy time it’s easy for life insurance to take a back seat to other benefits, but the impact it may have on a family’s financial future cannot be overstated. And a few key segments might need more support understanding the value during this OE.
- Women are less likely than men to own life insurance. Just 46% of women own life insurance, compared with 57% of men. This gender gap has persisted over the 14 years of the Barometer study and the 11-point difference is the largest it has ever been.
- Black and Hispanic Americans report a higher need for life insurance protection than other groups, with 49% of Black Americans saying they need or need more life insurance and 53% of Hispanics saying the same.
- Just 40% of LGBTQ+ adults say they own life insurance, which is a considerably lower than the general population (51%).
While life insurance provides more financial confidence - workers with life insurance coverage are more likely than uninsured workers to feel financially secure (62% versus 47%) - it also helps offer peace of mind. Peace knowing it will help families be taken care of.
We make doing business easy
At the end of the day, we’re here to fulfill our promises and make filing for and receiving claims proceeds easy. Here are just some of the ways we take care of beneficiaries (and invite employers to evaluate with their carrier):
- Express assignment service
- Securian works with the funeral home or lending agency for final expense reimbursement, removing the burden from the beneficiary
- Cash advance solution
- Qualifying claims are eligible for a partial benefit up to a maximum of $25,000, prior to receipt of a death certificate or completed claim form
- Flexible Claim Distribution Options
- A Legacy Account™ provides access to insurance benefits via an interest-bearing account, so beneficiaries can make informed decisions about their insurance payment
- Direct deposit into a beneficiary’s personal checking or savings account