Fourth, the leader in workforce and inventory management solutions to the restaurant, hotel, retail and leisure industries, announced its partnership with Pendella, a fast-growing technology company on a mission to take the bias out of life insurance. The strategic collaboration will provide individual life insurance offerings to Fourth’s human resources (HR) and payroll customers.
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“It is far less than what an individual life insurance benefit could offer or what a family may need from an unexpected or catastrophic event.”
According to financial research firm LIMRA, approximately 42% of Americans would experience financial difficulties within six months if the primary wage earner in their household were to pass away unexpectedly.
“Typically, group life insurance policies offered by employers offer either a flat sum of $20,000 or one-year’s salary as a benefit,” said Gene Cabrera, SVP of operations, HR and Payroll at Fourth. “It is far less than what an individual life insurance benefit could offer or what a family may need from an unexpected or catastrophic event.”
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“Employee group coverage plans simply do not provide the necessary protection, which is why many workers are now expressing an interest in acquiring individual life insurance to protect their families,” said Pendella’s CEO and founder, Bob Gaydos. “This partnership with Fourth is part of our mission to extend life insurance coverage and ensure no worker gets left out.”
Pendella’s branded life insurance technology now seamlessly merges with Fourth’s workforce solution platform to create a completely digital process to shop, compare and buy financial coverage within minutes – all achieved without requiring a medical exam. Fourth’s HR and payroll customers can purchase comprehensive life insurance coverage for as low as $9 a month and in less than 15 minutes.
“Efficiency and ease of use have always been our watchwords,” continued Cabrera. “Pendella was the obvious choice because of the ease and speed of their digital underwriting process, not to mention the simplicity of integrating their offerings with our current benefits services.”
By expanding the accessibility of life insurance, Fourth hopes to close a huge coverage gap in which about 50% of U.S. households (according to the 2022 Insurance Barometer Study by LIMRA) have no individual life insurance.
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