Sun Life U.S. now offers Family Leave Insurance in Florida to help more workers access paid leave benefits to care for loved ones

Rhea-AI Summary

Sun Life U.S. expands its Family Leave Insurance (FLI) offering to Florida, with plans to include more states. The fully insured offering aims to provide paid leave benefits to workers, aligning with tax credits and legislative proposals. Sun Life FLI bridges the benefits gap for employers in states lacking government programs, enhancing talent recruitment and retention.

Insights

Market Research Analyst

The expansion of Sun Life U.S.'s Family Leave Insurance (FLI) to Florida represents a strategic move in the benefits and insurance industry. From a market research perspective, the inclusion of FLI in a portfolio can be a differentiator for Sun Life in competitive markets. As businesses increasingly recognize the importance of work-life balance, benefits such as FLI can be a significant factor in talent acquisition and retention. The announcement indicates a potential shift in employer-supported benefits, reflecting evolving workforce expectations.

Furthermore, by offering a fully insured product, Sun Life is targeting small to mid-size employers who might otherwise be apprehensive about the financial risks of self-funding such programs. This could lead to increased market penetration and customer base expansion for Sun Life, as these employers are provided with a more manageable way to offer competitive benefits. The move may also stimulate economic growth in the regions where FLI is offered, as it can improve worker satisfaction and productivity, which are key drivers of economic performance.

Human Resources Consultant

As an HR consultant, the introduction of Sun Life's FLI in additional states is noteworthy for its potential impact on workplace culture and employee well-being. The ability for employees to take paid leave without the stress of financial instability can lead to a healthier, more engaged workforce. This initiative can also serve as a catalyst for companies to reevaluate their benefits offerings in light of changing employee expectations and to remain competitive in the job market.

For employers, the decision to integrate FLI into their benefits package can also be seen as an investment in their human capital. Companies that support their employees during critical times, such as family or medical leave, often see a return in the form of loyalty and reduced turnover. The fact that Sun Life's FLI is aligned with existing tax credits makes it an even more attractive proposition for employers, as it eases the financial burden of providing such benefits.

Economist

From an economic standpoint, the expansion of FLI by Sun Life U.S. could have a ripple effect on the labor market and overall economic health. Paid family leave policies have been shown to support labor market attachment by enabling workers to take necessary leave without exiting the workforce. This can lead to a more stable employment landscape and can help reduce the long-term costs associated with employee turnover and retraining.

Additionally, by supporting the legislative proposal for an employer paid leave tax credit, Sun Life is aligning with public policy that incentivizes businesses to offer such benefits. This alignment may suggest a growing trend of private-public partnerships in addressing workforce needs, which could lead to more comprehensive and sustainable economic policies. As more states potentially approve the offering, there could be a broader national impact, fostering a more uniform approach to family leave across different state jurisdictions.

WELLESLEY, Mass., March 19, 2024 /PRNewswire/ -- Sun Life U.S. has expanded its Family Leave Insurance (FLI) offering to Florida, with more states on the way. Sun Life currently offers FLI in Alabama, Arkansas, Tennessee and Texas. The fully insured offering broadens workers' access to paid leave, giving more employers the option to provide a valuable benefit to their employees more easily. Sun Life has long been an advocate for paid leave, working with state programs to include a private option and supporting the recent legislative proposal from Senators Deb Fischer and Angus King to expand access to the employer paid leave tax credit. Sun Life FLI aligns with the current tax credit and will align with changes in the future.

"We believe every worker in this country should have the option to take paid leave, and no one should have to choose between their job and caring for a loved one," said David Healy, president, Group Benefits, Sun Life U.S. "While the Family and Medical Leave Act provides unpaid leave up to 12 weeks, many employees have the difficult decision of whether they can afford to take time off to address their needs. Employers in Florida can choose to offer paid family leave benefits to their employees, who will have the ability to care for a loved one when necessary and return to work less stressed, and ready to be productive."

Built on decades of industry experience and expertise on leave, absence management, and return-to-work models, Sun Life FLI fills a substantial benefits gap for employers in states without government programs. Sun Life FLI is offered as fully insured coverage, helping small and mid-size employers offer the benefit without the risk of self-funding. 

"In addition to giving workers access to paid leave, FLI gives employers a powerful tool for talent recruitment and retention, as more often, workers seek out a robust benefits offering when considering jobs," said Sheila Sokolski, assistant vice president, Product and Marketing, Sun Life U.S. "We are pleased to expand this benefit in more states, which will also contribute to their economic growth."

With Sun Life FLI, employees get the benefit of Sun Life's online claims submission, and employers can track employees' leave details, supporting overall health and productivity management.

Sun Life FLI is available for quoting in Alabama, Arkansas, Florida, Tennessee and Texas on April 1, with additional states expected to approve filing in the coming months. For more information visit https://www.sunlife.com/us/en/employers/products-and-services/family-leave-insurance/.  

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2023, Sun Life had total assets under management of C$1.40 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Sun Life U.S. is one of the largest providers of employee and government benefits, helping more than 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life U.S. offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life employs more than 8,300 people in the U.S., including associates in our partner dental practices and affiliated companies in asset management. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.

Media contacts

Devon Fernald
Sun Life U.S.
Devon.Portney.Fernald@sunlife.com
781-800-3609

Anjie Coplin
Sun Life U.S.
Anjie.Coplin@sunlife.com
214-549-1553

Connect with Sun Life U.S.
https://www.facebook.com/SLFUnitedStates
https://www.linkedin.com/company/sun-life-financial

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SOURCE Sun Life U.S.

FAQ

What is Sun Life U.S. expanding in Florida?

Sun Life U.S. is expanding its Family Leave Insurance (FLI) offering to Florida.

Which states currently offer FLI from Sun Life?

Sun Life currently offers FLI in Alabama, Arkansas, Tennessee, and Texas.

How does Sun Life FLI benefit employees and employers?

Sun Life FLI provides workers with access to paid leave and employers with a powerful tool for talent recruitment and retention.

When will Sun Life FLI be available for quoting in Florida?

Sun Life FLI will be available for quoting in Alabama, Arkansas, Florida, Tennessee, and Texas on April 1.

Where can one find more information about Sun Life FLI?

For more information about Sun Life FLI, visit https://www.sunlife.com/us/en/employers/products-and-services/family-leave-insurance/.