Anthem Inc. Helps Consumers Determine How Much Life Insurance They
INDIANAPOLIS--(BUSINESS WIRE)--Sep. 6, 2016--
Many employee wellness programs focus on promoting health and
productivity, but what about financial wellness? Life insurance, a
component of employer financial wellness programs, is an essential step
in planning for a family’s financial future, but for many Americans, it
can be difficult to know how much life insurance is enough. In many
cases, the basic benefits provided by an employer-sponsored plan may not
be sufficient to cover all of a family’s financial needs after the death
of a loved one. During Life Insurance Awareness Month this September,
Anthem encourages you to evaluate your financial health with life
For the majority of consumers, their only life insurance is from a group
plan provided by their employer.
A survey commissioned by Anthem showed that 97 percent of respondents
agreed that they would do anything to protect their family’s safety and
security, but 24 percent of respondents reported they have no savings
and could not pay the bills without their income. Supplemental group
life insurance, which augments the life insurance offered by an
employer, gives employees a way to do just that.
Depending on an individual family’s needs, supplemental life insurance
can build on the employer-provided life insurance benefit, and helps
employers give their employees the future financial security their
“Losing a family member is devastating emotionally, and often it can be
financially difficult as well,” said Mike Wozny, president of Anthem
Life. “With the loss of a loved one, many families also lose their
income. As one of the nation’s leading benefit companies, employers can
rest easy knowing they are providing their employees and their families
with financial security. When employers offer a complete benefit
package, including one that promotes financial wellness, it helps
attract and retain employees.”
Consumers can tailor their life insurance plan to meet their unique
needs. According to the National Funeral Directors Association, the
average cost of a funeral $6,600 and cemetery services can mean an
additional $3,000. While there is no one-size-fits-all approach when it
comes to figuring out how much life insurance to purchase, there are a
number of free online life insurance calculators to help provide an
estimate on how much would be the best for your situation.
Anthem suggests asking these questions when purchasing life insurance:
How much will your family need to meet current needs?
How much will burial services cost?
Do you have a mortgage?
Do you have outstanding debts?
How much will your family need in the future?
Is your spouse working? Will they continue to work?
How many children do you have?
Will your children have future education expenses?
“Life insurance is rarely a topic that families want to think about, but
should be a part of an overall financial plan,” said Wozny. “You might
be surprised at how affordable life insurance can be. The key is taking
a detailed look at your family’s needs and don’t forget to review your
policy each year to determine whether you still have enough coverage or
Life insurance provided by Anthem’s affiliated life plans covers
approximately over 2 million members and reflects the experience of more
than 60 years in the business. With an Anthem affiliated supplemental
life plan, consumers can tailor their life insurance plan to meet their
unique needs, and employers can rest easy knowing they are providing
their employees and their families with financial security.
This report presents the findings of a telephone omnibus survey using
the field services of Opinion Research Corporation, from April 16-20,
2015. The study was conducted using two probability samples: randomly
selected landline telephone numbers and randomly selected mobile (cell)
telephone numbers. The combined sample consists of 1,010 adults
(18 years old and older) living in the continental United States. Of
the 1,010 interviews, 508 were from the landline sample and 502 from the
cell phone sample. The margin of error for the sample of 1,010 is ± 3.08
percent at the 95 percent confidence level. This means that if we were
to replicate the study, we would expect to get the same results within
3.08 percentage points 95 times out of 100.
About Anthem, Inc.
Anthem is working to transform health care with trusted and caring
solutions. Our health plan companies deliver quality products and
services that give their members access to the care they need. With over
73 million people served by its affiliated companies, including nearly
40 million enrolled in its family of health plans, Anthem is one of the
nation’s leading health benefits companies. For more information about
Anthem’s family of companies, please visit www.antheminc.com/companies.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160906005892/en/
Source: Anthem, Inc.
Brooke Padilla, 317.287.5437