Why Life Insurance and Wellbeing Are Intrinsically Linked
Life insurance companies should care for their members' wellbeing. It's a no-brainer as far as we're concerned.
Yugi the Giraffe - 20 June 2019
Life insurance may not feel like an exciting thing to think about, especially if you’re an employer trying to pick the next employee benefit for your team. It’s much easier to opt for a shiny benefit that will get you buzz and make your company feel cool and current.
You want something that everyone will enjoy and that delivers value now, but although a lot of your employees will appreciate life insurance, it’s not really something they would think about and get a warm, fuzzy feeling.
But life insurance wasn’t always this grim financial product people bought just in case. It came from a place of love - it was a force for good.
The concept of life insurance started with the Greek and Roman benevolent societies, out of the belief that proper burial was important for the dead to move on to the next world. Citizens would pay a monthly fee to a club that ensured their funerals were proper, and also cared for their surviving families.
Life insurance, as we know it today, emerged from the famous Lloyds of London, which started as a coffee shop. It’s always had a social purpose, an assurance for a community that cares for its members.
Today, however, we seem to have neglected these elements. With complex policies and confusing Legalese, the closest thing to a community is when employers like yourself purchase life insurance for their people. But it should represent more than just that.
It sounds a bit odd, because we tend to imagine life insurance companies as big, heartless corporations playing a zero-sum game. But even if we think in cynical business terms, these companies have a stake in their members’ wellbeing. It’s quite simple: the longer the customer lives, the better it is for the insurance company.
It’s not only the member and the life insurance company that benefit from a longer, happier and healthier life - it’s also the employer who purchased the policy.
Wellbeing at the office
Of course, the tangible benefit is clear. But it’s also knowing that their employer cares for them, their loved ones and their health that makes employees feel more connected and engaged in their workplace.
Only 15% of employees in the UK feel engaged in their work. Disengaged employees are less productive and more likely to quit their job, leaving you with a hefty turnover rate that can really hurt your pocket. So increasing employee engagement in you office can create a better company culture.
Speaking of turnover, according to a study conducted by yulife and Hymans Robertson, 53% of employees said they would always choose an employer which positively contributed to their wellbeing, even if it meant earning less money. This is another reason caring for your people’s wellbeing is so helpful: it will help you attract and retain the best talent out there.
As an employer, you want to minimise admin and costs. When you pick a policy that is aware of the importance of wellbeing, you’re buying one policy that does both, rather than paying separately for a wellbeing benefit and life insurance, which is consistently listed as one of the top-3 employee benefits by employees.
It’s a no-brainer for life insurance companies to promote wellbeing amongst their members. But how can they do it?
Nowadays, we know that certain lifestyle habits can make people live longer, healthier and happier lives. So it only makes sense that life insurance companies would do anything they can to support their members on their wellbeing journeys, incentivise them, and keep them healthy.
That includes a balanced approach to health and wellbeing. For example, at yulife, we like to follow Dr Rangan Chatterjee’s Four Pillar Plan, and we work closely with him to build tools that promote it.
Each one of our policies comes with an app that rewards people for caring for their wellbeing. Through simple, healthy activities, such as walking or meditating, our members earn yucoin - the wellbeing currency - which they can then exchange for Avios air miles and gift cards from brands like ASOS and Amazon.
This encourages our members to do more for their health. The average daily step count for our members before joining yulife is 6,684 - only one month after joining yulife, the average jumps to 7,385!
This means you get the reliable insurance product you want (all of our policies are underwritten by AIG), with the innovative approach to wellbeing that delivers value to you and your team right now - for the same price as any other insurance policy.
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Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.