Experts: Don't Overlook Disability Benefits
A majority of employee benefits are focused on health care. But, if you’re really interested in providing protection for your employees, life and disability insurance shouldn’t be overlooked.
According to a new report by Prudential, workers are expressing interest in life (83 percent), disability (66 percent) and long-term care insurance (21 percent) this enrollment season.
I find this an interesting trend, given that most people don’t think about or want this type of coverage because we’re all “invincible.” In reality, the far majority of claims, as reported by the Council for Disability Awareness (CDA), are initiated from illnesses like musculoskeletal conditions and cancer. Who knew?!
The CDA also reported that about 33 percent of American workers have disability insurance but nearly all of them will experience a disability before they retire. The $20,000 question is, are they the same 33 percent that were fortunate enough to have the insurance?
Less than half of employers offer disability benefits and even fewer employers pay for the premium. As our workforce continues to age, this benefit will quickly become an important differentiator between companies. Which camp will you be in?