One of the cornerstones of financial security for employees is the group life insurance coverage they receive through the workplace. While it is a core component of many employers comprehensive benefits package, not all life insurance is equal and it is worth encouraging clients to take a second look. Employers need to see beyond the value of the coverage itself and tap into the value-added features and services.
MetLife Advantages℠ is an example of a comprehensive suite of services available with the carrier's life insurance benefits offering. It includes unique features that help employees plan and get ahead in life - conveniently accessed through the workplace. And these value-added services offer more than meets the eye - including a simple way to enhance a company's benefit offering while increasing benefits satisfaction and driving employee productivity and loyalty.
Addressing employee concerns
According to MetLife's 12th Annual Employee Benefit Trends Study, there is a heightened level of financial concern among employees - and 40% of employees surveyed strongly agree that they are looking to their employer for more help in achieving financial security. As a result of financial pressures, employees are much more distracted at work and are likely to be less productive. In fact, according to the Study, over half, 51%, of employers say that employees are less productive when they are worried about personal financial problems and 54% of employees report that they are very concerned about their financial security.
Value-adds can help reduce employee stress by providing services that help address their concerns - such as grief counseling, special needs planning, face-to-face will preparation and face-to-face estate resolution services. These services can ease stress levels, enhance benefits appreciation, improve productivity and provide clients with knowledge that their employees have the support and protection they need when they need it most.
"Selecting a group life product with a robust menu of additional services can add thousands of dollars in value for employers. These resources provide employees with the protection they need often with no additional cost to the employer or employee," states Stephen Pontecorvo, vice president, for MetLife. "This is especially important as employers are focused on ways to offer a comprehensive and competitive benefits package while controlling their benefits costs."
A three-pronged approach
MetLife Advantages℠ suite of services include unique plan features designed to enhance employee benefits appreciation and improve productivity while providing employers comfort knowing that employees have support and protection when they need it most.
The benefits offering focuses on three areas:
1.Support provides comfort and guidance during challenging times, such as grief counseling and travel assistance with built-in protection against identity theft.
2.Planning offers access to professional and in-person resources, such as face-to-face will preparation, special needs planning and retirewise®.
3.Protection includes a range of solutions for continuing workplace coverage, such as coverage transition solutions and plan portability for both active and retired employees.
Higher Satisfaction Levels
By offering a comprehensive benefits program that includes value-added services, employers, with their broker partners, are better able to achieve several important objectives relating to their workforce. One key area is satisfaction - which suffered when the economic downturn threatened talent-management efforts.
The MetLife Study shows benefits satisfaction is at its highest level since the annual survey began 11 years ago - rising to 50% from 41% in 2002. The study also found that employees who are very satisfied with their benefits were more than twice as likely to be very satisfied with their jobs. This is a valuable insight for the majority of employers, 87%, who report that retention is a very important benefits objective.
Designing benefits strategies that enhance benefits satisfaction, as well as provide needed protection, foster corporate loyalty and improve productivity, offer advantages to both employers and employees. A key player in such a strategy are the value-added services such as those provided through MetLife Advantages℠. To learn more about MetLife Advantages℠, visit www.metlife.com/lifevalueadds.
Bruce Shutan is a Los Angeles-based freelance writer.
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