Evaluating Your Financial Health with Life Insurance Benefits

Empire BlueCross BlueShield Helps Consumers Determine How Much Life Insurance They Need

NEW YORK--()--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, Empire encourages you to evaluate your financial health with life insurance benefits.

For the majority of consumers, their only life insurance is from a group plan provided by their employer. A recent survey* 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 benefits and helps employers give their employees the future financial security their employees need.

“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. With a life insurance plan from Empire BlueCross BlueShield, employers can rest easy knowing they are providing their employees and their families with financial security. Employers who 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.

Empire 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 too much.”

Life insurance provided by Empire BlueCross BlueShield and its affiliated plans cover approximately over 2 million members and reflects the experience of more than 60 years in the business. With an Empire 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. More information about how people can protect their family’s financial future with life insurance is available at www.empireblue.com.

*Survey commissioned by Anthem, Inc. 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 Empire BlueCross BlueShield

Serving New Yorkers for 80 years, Empire BlueCross BlueShield is the largest health insurer in New York supporting more than four million members and more than 38,000 business, union and small employers in New York. Empire BlueCross BlueShield (Empire) is the trade name of Empire HealthChoice Assurance, Inc., and Empire Blue Cross Blue Shield HMO is the trade name of Empire HealthChoice HMO, Inc., independent licensees of the Blue Cross Blue Shield Association, serving residents and businesses in the 28 eastern and southeastern counties of New York State. Additional information about Empire is available at www.empireblue.com. Also, follow us on Twitter at @empirebcbs.

Contacts

Empire BlueCross BlueShield
Sally Kweskin, 212-476-1421
sally.kweskin@empireblue.com
@empirebcbs

Release Summary

Evaluating Your Financial Health with Life Insurance Benefits: Empire BlueCross BlueShield Helps Consumers Determine How Much Life Insurance They Need

Contacts

Empire BlueCross BlueShield
Sally Kweskin, 212-476-1421
sally.kweskin@empireblue.com
@empirebcbs