Picking up the tab
Employers continue to see life insurance as a key benefit to their employees and are now looking at the possibility of providing supplemental life in addition to basic . The cost breakdown for the provision of this benefit is relatively evenly split between employers paying the entire cost , others paying basic only , and those offering little or no financial assistance toward the cost .
For those who own individual coverage , almost half own permanent coverage only , while one third have term coverage only , and just under 1 in 5 own both term and permanent policies .
Cost sharing of employer-sponsored life coverage , 2021
37 % Employer pays all |
32 % Employer pays for basic & employee pays for supplimental |
29 % Employee pays some |
3 % Not sure |
0 % 20 % 40 % 60 % 80 % 100 %
Individual coverage owned , by type , 2021 ( insureds )
34 % Own term only
48 % Own permanent only
18 % Own both
0 % 20 % 40 % 60 % 80 % 100 %