September is Life Insurance Awareness Month, a public campaign that reminds us of how important it is to plan for tomorrow. In the event that an untimely death occurs, life insurance helps families meet financial obligations and maintain financial security during a difficult time.
"Protecting union members and their families through life insurance was why our company was formed 90 years ago," says Dan Wolak, president of The Union Labor Life Insurance Company (Union Labor Life). "Our mission to provide life insurance to union members is still as important today as it was back then."
Matthew Woll, president of Union Labor Life from 1925 to 1955, captured the company's proactive, forwardlooking approach when he said, "There is nothing new in the statement that if I put $10 in a bank and die tomorrow my family will get $10, while if I put the same money in a life insurance company and die tomorrow my family may get as much as $2,000." 1
Today, a 40-year-old non-smoking male is able to purchase 20-year Renewable Term Life insurance from Union Labor Life in the amount of $25,000 for less than $10 monthly.
A staggering 37.5 million, or 30 percent of U.S. households, have no life insurance coverage, although 40 percent of U.S. households recognize the need for more life insurance. Even if someone in the household does have life insurance, 48 percent of households are in need of more life insurance, based on LIMRA's Life Insurance Needs Model. 2
Group life insurance is a costeffective way for union leaders to provide the base level of life insurance protection their members need. Access to more robust benefits is one of the key reasons workers become members of a union. Union leaders acknowledge that a good package of union benefits, including life insurance, helps to retain members.
There are two main reasons that many individuals haven't purchased their own life insurance. The first is confusion or misinformation about the cost of life insurance. Eight in 10 households who believe they need more life insurance say they don't make the purchase because they have other financial priorities, or they can't afford it. However, prior research shows that, on average, people estimate life insurance to cost three times what it actually does. 2
The second reason individuals do not buy life insurance is that they haven't been approached to buy life insurance. Our 90-year history as a life insurance provider and our commitment to labor makes us an excellent match for unions and their members to put their trust in us for their life insurance needs.
Union Labor Life is dedicated to providing the protection union members and their families need. When it comes to life insurance, union members who are part of the 48 percent of U.S. households needing more coverage can rely on Union Labor Life to bridge the gap.
For more information on our Group Term Life insurance, please contact:
Vice President of Group Sales
Supplemental Term and Whole Life Insurance from The Union Labor Life Insurance Company is available at: www.ullico.com/memberbenefits
1. The Union Labor Life Insurance Company Annual Report, 1930.
2. "Facts About Life 2016," Facts from LIMRA, Life Insurance Awareness Month, September 2016