Life insurance policies are rated as key employee benefits, yet only 60% of employees understand how they work, a MetLife report says.

Employers focus primarily on plan details and payouts and miss the chance to show how benefits can work together as a whole package in workers’ lives, the report says. Employers should be communicating more with their staff about the benefits of insurance

“Personal finances” is the main source of employee stress in the workplace, the study finds.

Nearly 80% of employees think total and permanent disability insurance is a “must have” or “nice to have”, compared with a slightly larger proportion for income protection.

About 63% think extended insurance coverage is a must-have or nice-to-have for the workplace, while 73% think the same thing about life insurance.

Some 72% of workers want access to financial planning workshops or tools, yet only 24% of employers are offering financial wellness classes like how to save or budget.

Meanwhile, 37% of workers say their bosses have a responsibility for their financial wellbeing, and 35% think their bosses should help them save for retirement.

Three out of five top financial concerns in the workplace relate directly to retirement, and 39% expect their retirement to be postponed due to their finances, the report says.