Estate planning benefits are gaining momentum as employers add these services to help employees with their financial affairs. With COVID-19 underscoring mortality and workers seeking more financial protection, interest is rising.
The share of companies providing legal services for wills and estate planning jumped six percentage points from 2022 to 2023, reaching 42% this year, according to a survey by the Society for Human Resource Management.
In addition, requests for proposals for legal benefits have increased ten percent year over year according to LegalShield, a leading provider. Its data shows estate planning is the most utilized part of legal plans.
Why So Popular Now?
The pandemic pushed estate planning front and center as many employees raced to coordinate key documents when family members fell critically ill. Prior to COVID-19, estate planning, though consistently on people’s to-do list, usually got delayed due to the perceived hassle and costs. Employer-provided services can help remove these barriers.
Benefits for Both Sides
Planning gives employers a compelling, value-added benefit that can also aid recruiting and retention without significant cost. It also shows employees their holistic well-being is valued.
Proper planning documents also help avoid potential issues if an employee becomes incapacitated or dies. This protects the employer from liability risks and minimizes administrative challenges.
Experts say simply offering estate planning is not enough. Companies must promote the benefit year round through multiple channels to boost utilization.
Promotions should be timed around major life events when planning needs often arise, like marriages, new babies, or home buying. Presenting real-life examples that show relevance at all life stages will also resonate better with employees.
With interest growing amidst the lingering impacts of the pandemic and economic uncertainty, estate planning seems poised to generate greater demand as an employee benefit.
For more employee benefits resources and industry insights, contact INSURICA today.
Copyright © 2023 Smarts Publishing. This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.