A Comprehensive Employee Wellness Package Includes Individual Life Insurance Prioritizing financial security for a productive workforce and overall well-being By Bob Gaydos, Pendella
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s any human resources (HR) professional should know, the well-being of your workforce is paramount to the success and productivity of your organization. As such, there’s been a growing shift in the benefits landscape over the last few years toward offering wellness packages. And among the many elements that a comprehensive wellness package should include is financial wellness. Financial wellness amounts to any program that can aid employees in managing their personal finances more responsibly. These benefits can include a range of tools and resources, such as budgeting apps, financial planning seminars, and online mentoring. However, one thing these programs often leave out is life insurance. In my view, this is a major oversight that leaves many employees without the necessary protection for dealing with life’s uncertainties.
Financial Wellness Equals Financial Security In today’s environment, many employees face a complex web of financial challenges. From
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OCTOBER 2023
the ever-increasing burden of student loans to soaring healthcare costs and the ever-elusive goal of retirement planning, these challenges can be overwhelming. Debt, in particular, can cast a long shadow over many employees, adversely affecting their ability to save, invest, and secure their financial future. These financial issues are more than just a personal concern. They can also have a significant effect on an employee's performance in the workplace. Studies have consistently shown a strong correlation between financial stress and decreased productivity. And while financial wellness packages can ease some of this strain, they often don’t go far enough. True financial security comes from knowing that both you and your family will be able to weather unexpected financial storms. This is where life insurance can be a crucial addition to a financial wellness package. For this to work, though, it can’t be just any life insurance plan; it needs to be an individual plan.
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