November is the month for big decisions. Who to vote for. Whether to travel or stay put for Thanksgiving. And for America’s workforce: which benefits to sign up for at the office.
Every November, workers across the country review their financial options as part of the annual open enrollment period for employee benefits.
In addition to considering their health care options, many workers also make important decisions about other valuable benefits including life insurance, retirement savings, dental insurance and supplemental benefits that families use to pay for additional expenses arising from illness or injury that are not covered by major medical insurance.
America’s life insurance industry plays an essential role in helping employers provide these benefits that employees depend on. Life insurers work closely with employers, especially small and midsize business owners, to provide key benefits that provide financial certainty to business owners and employees.
The importance of financial certainty cannot be overstated. Americans have been whipsawed by volatile economic conditions the last several years that have raised anxieties about their financial future. A recent poll revealed that 88 percent of Americans said they are feeling financial stress. Nearly two-thirds (65%) said their finances are the most stressful aspect of their life.
Life insurers are committed to help people ease their stress and achieve financial certainty – no matter where they work or live. For more than 175 years, America’s life insurers have helped people protect their family’s financial future, preparing them in case life takes an unexpected turn.
Workplace benefits provided by life insurers provide certainty for employers and employees alike. Seven in ten owners surveyed in the Principal 2024 Business Owner Insights survey of 1,000 small and midsize businesses said benefits improve employee retention, recruiting and productivity.
Helping more people build greater financial security is a priority for the life insurance industry. It’s also a priority for policymakers in Washington D.C. and across the country. As Congress makes decisions about how to extend tax relief for individuals and small businesses in 2025, it must also be sure that it doesn’t restrict access to affordable financial protection or introduce any tax increases on life insurers and their policyholders.
Jill Kozeny serves as Executive Vice President & Chief Advocacy Officer at the American Council of Life Insurers (ACLI). Kozeny is a member of the Executive Management Team and reports to the President and CEO. Kozeny leads ACLI Government Relations, Public Affairs, Research, and the work of the Chief Inclusion Officer to build opportunities and expand access to family financial certainty through all stages of life.
