Evaluating Your Financial Health with Life Insurance Benefits

Empire BlueCross BlueShield Helps Consumers Determine How Much
Life Insurance They Need

NEW YORK–(BUSINESS WIRE)–#AnthemLife–Many employee wellness programs focus on promoting health and
productivity, but what about financial wellness? Life insurance, a
component of employer financial wellness programs, is an essential step
in planning for a family’s financial future, but for many Americans, it
can be difficult to know how much life insurance is enough. In many
cases, the basic benefits provided by an employer-sponsored plan may not
be sufficient to cover all of a family’s financial needs after the death
of a loved one. During Life Insurance Awareness Month this September,
Empire encourages you to evaluate your financial health with life
insurance benefits.

For the majority of consumers, their only life insurance is from a group
plan provided by their employer. A recent survey* showed that 97 percent
of respondents agreed that they would do anything to protect their
family’s safety and security, but 24 percent of respondents reported
they have no savings and could not pay the bills without their income.
Supplemental group life insurance, which augments the life insurance
offered by an employer, gives employees a way to do just that.

Depending on an individual family’s needs, supplemental life insurance
can build on the employer-provided life insurance benefits and helps
employers give their employees the future financial security their
employees need.

“Losing a family member is devastating emotionally, and often it can be
financially difficult as well,” said Mike Wozny, president of Anthem
Life. “With the loss of a loved one, many families also lose their
income. With a life insurance plan from Empire BlueCross BlueShield,
employers can rest easy knowing they are providing their employees and
their families with financial security. Employers who offer a complete
benefit package, including one that promotes financial wellness, it
helps attract and retain employees.”

Consumers can tailor their life insurance plan to meet their unique
needs. According to the National Funeral Directors Association, the
average cost of a funeral $6,600 and cemetery services can mean an
additional $3,000. While there is no one-size-fits-all approach when it
comes to figuring out how much life insurance to purchase, there are a
number of free online life insurance calculators to help provide an
estimate on how much would be the best for your situation.

Empire suggests asking these questions when purchasing life insurance:

  • How much will your family need to meet current needs?

    • How much will burial services cost?
    • Do you have a mortgage?
    • Do you have outstanding debts?
  • How much will your family need in the future?

    • Is your spouse working? Will they continue to work?
    • How many children do you have?
    • Will your children have future education expenses?

“Life insurance is rarely a topic that families want to think about, but
should be a part of an overall financial plan,” said Wozny. “You might
be surprised at how affordable life insurance can be. The key is taking
a detailed look at your family’s needs and don’t forget to review your
policy each year to determine whether you still have enough coverage or
too much.”

Life insurance provided by Empire BlueCross BlueShield and its
affiliated plans cover approximately over 2 million members and reflects
the experience of more than 60 years in the business. With an Empire
supplemental life plan, consumers can tailor their life insurance plan
to meet their unique needs, and employers can rest easy knowing they are
providing their employees and their families with financial security.
More information about how people can protect their family’s financial
future with life insurance is available at www.empireblue.com.

*Survey commissioned by Anthem, Inc. This report presents the
findings of a telephone omnibus survey using the field services of
Opinion Research Corporation, from April 16-20, 2015. The study was
conducted using two probability samples:
randomly selected
landline telephone numbers and randomly selected mobile (cell) telephone
numbers.
The combined sample consists of 1,010 adults (18 years
old and older) living in the continental United States.
Of the
1,010 interviews, 508 were from the landline sample and 502 from the
cell phone sample. The margin of error for the sample of 1,010 is ± 3.08
percent at the 95 percent confidence level. This means that if we were
to replicate the study, we would expect to get the same results within
3.08 percentage points 95 times out of 100.

About Empire BlueCross BlueShield

Serving New Yorkers for 80 years, Empire BlueCross BlueShield is the
largest health insurer in New York supporting more than four million
members and more than 38,000 business, union and small employers in New
York. Empire BlueCross BlueShield (Empire) is the trade name of Empire
HealthChoice Assurance, Inc., and Empire Blue Cross Blue Shield HMO is
the trade name of Empire HealthChoice HMO, Inc., independent licensees
of the Blue Cross Blue Shield Association, serving residents and
businesses in the 28 eastern and southeastern counties of New York
State. Additional information about Empire is available at www.empireblue.com.
Also, follow us on Twitter at @empirebcbs.

Contacts

Empire BlueCross BlueShield
Sally Kweskin, 212-476-1421
sally.kweskin@empireblue.com
@empirebcbs