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Access to Worksite Benefits - a great equalizer

Phyllis Falotico headshot

By Phyllis Falotico

Head of Worksite Marketing and true believer that good financial health and well-being for today's working Americans begin with their workplace benefits.

Posted on: June 21, 2022

“Financial well-being”: The term has become a buzzword of late in mainstream media, and with good reason. For working Americans, concerns relating to rising inflation, the war overseas, supply-chain shortages, and affordable housing may be just a few contributing factors impacting their ability to meet financial obligations and their feelings of a secure financial future.

Fortunately, there’s good news. Many workers are employed by companies who share a concern for their employees’ financial well-being and are offering more significant and substantial group voluntary benefits that can help address their financial needs.

team collaborating in office setting

These additional benefits may help employers recruit and retain quality employees, which in today’s highly competitive workforce is essential to building their most valuable resource—people. But it doesn’t stop there. They may also aid with diversity and inclusion initiatives by providing working Americans access to the same financial and protection products that are typically only available through financial professionals who often focus on higher income or high net worth clients. And that’s what makes access to group voluntary benefits a great “equalizer,” because it helps reduce barriers to financial products that employees may not have access to without the benefit of a financial professional.

When it comes to barriers and financial well-being, a cause for concern is access to life insurance options. According to LIMRA and Life Happens’ 2022 Insurance Barometer Study, 41% of Americans live with a life insurance “needs” gap, which translates to 106 million Americans who recognize the need for life insurance coverage, but do not have it or don’t feel they have enough.1 And the question to ask: Do they even know where to begin?

One reason for these gaps may be a result of limited access to quality protection products. More affluent households may have greater access to a larger variety of savings, investments, and protection products. Meanwhile, working Americans tend to have limited access to many of those same products.

One area where working Americans are potentially marginalized is obtaining affordable whole life insurance. Based on their employer, they may be only offered and familiar with term life insurance. That’s because more education is required to explain, understand, and appreciate the permanent options that group whole life offers. This typically includes lifelong benefits that go beyond one’s working years and can build value over time with a generational payoff.

This is where MassMutual Worksite comes into the picture—making available benefits solutions such as Group Whole Life Insurance with special features such as a guaranteed death benefit, a guaranteed level premium and a guaranteed cash value. When you consider the guarantees and additional benefits, including a chronic care benefit and the potential for dividends2, it’s easy to understand why MassMutual’s Group Whole Life makes more sense than ever to be offered as part of comprehensive benefits plan, specifically supporting working Americans’ financial well-being for today and tomorrow.

It's a win-win for employers and employees alike. Employers are attracted to financial solutions that create a competitive edge when it comes to recruiting and retention. Employees gain access to financial solutions that are available at work versus attempting to obtain similar protection and insurance on their own.

Be a champion for working Americans! Make sure they are getting the right coverage to protect themselves and the ones that count on them by continuing to offer and expand access to group voluntary benefits — a great equalizer.

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1 2022 Life Insurance Barometer Study, LIMRA and Life Happens, https://www.limra.com/en/research/research-abstracts-public/2022/2022-insurance-barometer/

2 Dividends are not guaranteed. The certificate is eligible to earn dividends beginning on the second anniversary.

The product and/or certain features may not be available in all states. State variations will apply.

Group Whole Life Insurance (GPWL), (policy/certificate forms MM-GPWL-2014 and MM-GCWL-2014, and MM-GPWL-2014 (NC) and MM-GCWL-2014 (NC) in North Carolina), is level-premium, participating permanent life insurance. The GPWL policy and GCWL certificates are issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.