Serving the Underserved of the Group Whole Life Market
Many people do not think about life insurance. If they did, could they get the coverage they need? In 2019, about half of U.S. adults (51%) lived in middle-income households.1 At the start of 2020, the average salary for U.S. workers was calculated to be just $49,764 per year.2 For these individuals, the ability to get permanent life insurance coverage isn’t easy. They may not have access to the financial planner, may only be able to afford smaller face amounts and might be turned down due to health or pre-existing conditions. Luckily, your clients and their employees can access BankersWorksite Group Whole Life insurance through the workplace. While there are many pros and cons to purchasing life insurance at work, some advantages include convenience, price and enhanced policy features.
Understanding the Market:
- Lack of ownership may be adding to mounting financial stress Americans are facing
- Convenience is key to those who know they need life insurance but haven’t bought it yet
- Average personal debt of U.S. adults exceeded $38,0003
- Chronic disease accounts for roughly 75% of the nation’s aggregate health care spending4
Group Whole Life Key Benefits:
- Available in smaller face amounts for middle-income workers; no minimum monthly certificate premium
- Annual guarantee issue maximum, available every year
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Group Whole Life policy form B 21803, Accelerated Death Benefit Rider for Terminal Illness form B 21803 R1 ACL, Lump Sum Accelerated Death Benefit Rider for Chronic Illness form B 21803 R11 CIACL, Monthly Accelerated Death Benefit Rider for Chronic Illness form B 21803 R21 CIACL, Monthly Accelerated Death Benefit Rider for Chronic Illness with Restoration of Benefits form B 21803 R41 CIACL, Accelerated Death Benefit Rider for Catastrophic Disability form B 21803 R61 DIACL, Spouse Term Insurance Rider B 21803 R7 STR, Children’s Term Insurance Rider form B 21803 R8 CTR, Waiver of Premium for Disability Rider form B 21803 R9 WPD, and Accidental Death and Dismemberment Rider form B 21803 R10 ADD underwritten by Bankers Fidelity Life Insurance Company®. Limitations and Exclusions apply; actual policy provisions control. Application to determine eligibility required.