Is Group Legal Worth It for People Without Legal Challenges?
Perhaps you’re trying to decide if your company should offer group legal benefits to your employees. You are convinced of the value of legal services when your employees are facing legal challenges, such as a divorce or a debate over the appropriate amount of child support, post-divorce. But what if your employees, for the most part, aren’t dealing with legal issues? In that case, is group legal insurance worth it?
The answer is yes, for one simple reason. Our group legal plans can also provide your employees with financial support services, and these are valuable for employees of all ages. Young adults, for example, may be stressed out over student loan payments, or how to save enough money for a down payment on their very first house. Middle-aged employees may be juggling college expenses for their children right when their own parents are needing extra support services, ones that are often costly. Adults nearing the end of their working years may be worrying about whether they’ll have enough saved for retirement.
Here’s the good news: With our Legal and Financial Wellness Initiative, your employees will be covered for legal and financial consultation needs alike—which makes it a valuable benefit for all employees, regardless of age and their current need for legal services.
Reduce Financial Stress and Benefit Your Company
A 2016 report showed that workers in the United States are feeling more stress because of financial issues now than they have in five years, and this crosses the age spectrum, from Millennials to those wanting to retire. Overall, 52 percent of those who participated in the survey agreed that financial issues are causing them stress, with 45 percent saying the level of financial-related stress has increased over the past year.
Millennials are feeling the most stress, when broken down by generation (64 percent). This is largely because of student loans, with 79 percent of them saying these loans are having a moderate to significant effect on their ability to meet other financial goals and responsibilities. Now, here’s more good news. When employers provide their employees with services to help them to achieve financial well-being, more than half of Millennials say that causes them to feel more loyalty to their employers.
And, when employees feel more loyalty to their workplace, there is naturally less turnover and improved morale, along with better work attendance and increased productivity. Human resource costs are therefore lessened as well.
U.S. Legal Services Legal and Financial Wellness Initiative
To sum it up, employee financial stress can impact the workplace—but we have the solution. With this plan, your employees can receive a no-cost, 30-minute telephone consultation with financial counselors for each financial issue they face. These can include budgeting, college funding, taxes, credit and debt, mortgage issues, foreclosures, retirement planning and more.