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Disability Benefits Tops List for Desired Voluntary Benefits
When asked which benefit they would consider on a voluntary basis, employees chose the following (ranked in order of preference):
- Disability — 58%
- Critical Illness — 56%
- Dental — 55%
- Life — 52%
- Vision — 48%
In a press release, Elena Wu, Group Marketing Officer, Guardian, said the most surprising finding in Guardian’s research was “that personal experiences with a major illness did not seem to impact interest in purchasing voluntary disability, life, or critical illness insurance.”
Most full-time employees surveyed (68%) have been or have a relative or friend that has been disabled, seriously ill, or too sick to work. Despite longer life-spans and consequently the need to save more for retirement, 55% of women reported that they gave loans to friends or family members who were in medical distress compared to 34% of men.
According to the press release, the Guardian research also reveals that many employees admit they don’t understand differences between insurance products:
- More than a third (38%) of employees state that they don’t know the difference between critical illness and disability insurance;
- More than a third (38%) say that they don’t know the difference between critical illness and medical insurance;
- More than two-fifths (43%) say they don’t know the difference between critical illness and long-term care insurance; and
- More than half (57%) don’t know the difference between critical illness insurance and accelerated death benefits on life insurance.
Benefits & Behavior: Spotlight on Group Disability and Critical Illness – Awareness & Opportunity presents the findings of a telephone survey conducted among a national probability sample of 1,015 adults comprising 504 men and 511 women, 18 years of age and older, living in private households in the continental United States from February 4-7, 2010.
The full report can be accessed at http://www.aboutemployeebenefits.com.You Might Also Like:
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