A significant number of U.S. workers have life insurance benefits through their employer without even realizing it.
According to analysts at LIMRA, a nonprofit research organization, about 64% of U.S. workers are covered by life insurance through their workplace. However, only 48% of workers participating in LIMRA’s life insurance surveys report that they are aware of having this coverage.
LIMRA, in collaboration with Life Happens (a division of the National Association of Insurance and Financial Advisors), prepares fact sheets each year for Life Insurance Awareness Month, held every September. The findings highlight a critical awareness gap among employees regarding their life insurance benefits.
The fact that approximately one-quarter of workers with life insurance benefits are unaware of their coverage underscores the need for greater education and outreach, according to LIMRA.
“Employers and the benefits industry must do more to educate workers about their life insurance options,” LIMRA states in its report.
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