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Voluntary payroll deduction: A convenient way to get insurance coverage.

It’s permanent and portable.

According to the New York Life Insurance Gap Study,1 60% of Americans believe that they have enough life insurance coverage. But only 20% have enough to meet their needs.

Despite this shortfall, most people don’t have the time or energy to do anything about it. It seems there’s always something else that comes first: bills, day-to-day activities, and expenses.

To help their employees see the value of being financially protected, more business owners are making supplementary insurance products available to their employees through the worksite. With a worksite program, an Agent from a reputable insurer comes to the employer’s place of-business to offer employees the opportunity to purchase individual life policies through the convenience of payroll deduction. This can be invaluable to employees who have not yet purchased the financial protection they (or their families) need, or for those wishing to supplement their existing group term policy.

There are several benefits to purchasing supplementary life insurance through the worksite. First of all, the sales presentation takes place during the business day. One of the biggest challenges facing many people today is scheduling and not having enough time to do it all. With a constant focus on what needs to be done today, it's easy to postpone something that we can “always worry about tomorrow”—like purchasing life insurance. Unfortunately, too often, tomorrow never comes, and an unforeseen event does. Worksite programs enable you to take the right steps today, so you don’t have to “worry” about tomorrow.

Another advantage of a worksite program is convenience. Since premiums are automatically deducted from your paycheck, you really don’t miss what you don’t see. Without having to write a check up front, the buying experience becomes relatively painless.

Also, as part of a supplementary worksite benefits program such as Employee’s Whole Life, you may be eligible for protection that you might not be able to get on your own. Unlike many individual life insurance policies, under Worksite programs, the underwriting requirements can be fairly liberal—often requiring little to no medical information as part of the application. Equally important, policies purchased under the Worksite can be competitively priced.

Although supplementary worksite benefits programs are set up for a group, they are still individual-owned policies. Plus, coverage purchased under a worksite plan is portable. Since you own the policies, you can take the coverage with you if you leave your job for any reason. This also applies to coverage purchased through the program on spouses, children—even grandchildren.

For all of these reasons, purchasing life insurance coverage through a worksite arrangement is a great opportunity. If you have had the option to do so at your workplace, and have not taken advantage, you may want to reconsider your decision. If you have not had this type of coverage made available to you at the workplace and feel that your employer would be receptive to exploring such an option, why not bring it up for discussion?

For more information on supplementary worksite products available through New York Life, contact your New York Life Agent, or visit www.newyorklife.com/products/worksite-life-overview.

1New York Life Insurance Gap Study, June 2013.

This program is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA). The employer does not contribute to or endorse the program. Employee participation is completely voluntary.

In Oregon, the Whole Life policy form number is ICC12213-52.