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.