COVID-19 Delta Variant Leads Millions of Employees to Rethink their Benefit Selections this Open Enrollment Period
New research from Haven Life showcases how the COVID-19 pandemic continues to impact workplace benefit selections and what employees want most this Open Enrollment.
NEW YORK, Aug. 12, 2021 /PRNewswire/ -- As millions of employees head into Open Enrollment and select 2022 insurance and benefit options, a new study from Haven Life finds that the pandemic continues to play an outsized role in selections.
According to the survey of more than 1,000 full-time employees, COVID-19 remains both a concern and influential factor in benefit selections. Among all employees, 42% said that the pandemic will have an impact on their benefits selection. When asked specifically about the Delta variant and other emerging virus strains, 71% indicated they are concerned and 45% said that variants will impact the benefits they choose during this year's Open Enrollment.
Fortunately, two-thirds of respondents felt that their employers offered enough employee benefits to meet their needs. However, a gap was identified when it came to life insurance. Specifically, while 70% said that they are offered life insurance through their employer, most were only offered coverage equal to their salary. Most financial experts recommend life insurance coverage equal to 10 times an employee's salary.
As protecting the health and safety of themselves and their families continues to weigh on the minds of employees this Open Enrollment, respondents also indicated:
- Financial protection is just as important as physical health. Unfortunately, just 15% of workers say their current benefit options provide them with the total peace of mind they need to pursue personal aspirations, whether purchasing a home or starting a family.
- Simplicity and transparency are vital. More than half of respondents said that they have "no" or "only somewhat" of an understanding of the benefits being offered by their employer, how they can enroll or what will be covered.
- Affordability is a critical consideration. Forty-five percent of workers think it is only fair that they spend less than 10% of their paycheck on benefits. However, the majority (59%) spend more than 10% of their paychecks on benefits.
As employees head into Open Enrollment, it is critical that they consider the full suite of their benefit options--including those offered on a group and voluntary basis by their employer, as well as individual offerings. For example, the newly repriced Haven Term policy can offer a 35 year old woman in excellent health $500,000 in life insurance coverage for 20 years for just $17.50 per month.
About the Survey
Haven Life conducted a quantitative survey between July 20 – 24, 2021 and collected 1,052 completed responses. Respondents were between 22 and 65 years old and identified as a full-time employee with a minimum household income of $50,000. Forty-nine percent of respondents were male and 51% were female.
About Haven Life
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.
SOURCE Haven Life
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