Haven Life, a life insurance agency that is owned by Massachusetts Mutual Life Insurance, has debuted a new product designed to help middle and lower-income families cover critical expenses like rent or mortgage payments when an illness or injury makes staying on top of their bills more difficult.
Key features of the program, which an employer can offer as a direct benefit, include lower than standard premiums, approved claims paid in as few as seven days, and individual ownership of the policy, so workers can take it with them if they change jobs.
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Americans are notoriously unprepared for a personal financial crisis, as 41% say they could not afford an unexpected emergency of more than $1,000, according to a survey by Bankrate. Employee benefits like an emergency savings account or supplemental insurance can go a long way toward helping employees become financially secure.
Seventy-one percent of employers offer employees a long-term disability insurance benefit, according to the Society for Human Resource Management. Short-term disability insurance is offered by 61% of employers and supplemental accident insurance is offered by 35% of employers.
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“One unfortunate reality of the pandemic was that many workers who contracted COVID-19 were uninsured or underinsured, which created a significant financial burden to their families,” John Latona, general manager of Haven Life, said in a release. “Haven Disability offers an extra layer of income protection to help better plan for an unexpected illness or injury that prevents [employees] from working, so they can focus on their recovery instead of worrying about recurring expenses.”
Financial insecurity is one of the top causes of stress for employees, according to the 2020 PwC employee financial wellness survey. When employers provide benefits that actively support their employees’ financial well-being it can foster a more positive environment, improve productivity and create a more loyal workforce.
