One of the studies that have been recently conducted has revealed that the Americans are happy with the benefits they are reaping from their life insurance policies, despite there being a scope for improvement.
The Guardian Workplace Benefits Study, conducted by The Guardian Life Insurance Co in the United States, has clearly revealed the value of life insurance benefits to workers in the country on the scale of 1 to 10, with 1 being the lowest and 10 being the highest. The study has found out that the average scored by the workers is 6.8.
According to the statistics of this study, a little more than 50 percents of the Americans were happy with the life insurance benefits they have been receiving. 42 percent of the employees in the country feel that they are more than satisfied with the coverage benefits. However, the employers as well as the workers agree to the fact that most of the benefit programs that are being offered are not understood well or are not living up to the expectations of the workers.
An index, termed as the ‘benefits value index’ has revealed that the understanding of the benefits of the life insurance coverage offered varies based on the gender and the age of the person. For instance, a person who is older and has a better education understands the benefits of this coverage better than those who are younger and have not be able to receive proper education. This recent study has also revealed that women have a better understanding on the benefits as compared to their male counterparts.
According to the study, other factors such as the location, industry and size of the company also matter when judging the value of the benefits of the life insurance coverage. Workers employed at companies that have a huge number of employees stand to gain, thanks to the increased benefits and hence they score higher on the index. Some of the sectors that have scored high on this index are education, insurance, finance, health care and public administration. Industries that did not fare well on this index are food services, transport services and automotive industries.
The study has also unearthed the fact that the benefits offered by the life insurance coverage determined employee retention and loyalty to a great extent. The study has revealed that employers are willing to offer better benefits in order to retain existing talent.
