How much do employees actually understand about workplace insurance benefits and the likelihood of needing them?
Many employees choose not to enroll in voluntary insurance benefits when given the opportunity, claiming they “don’t need” the benefits or “don’t think they are worth the cost.” However, most are ill-prepared to cope with the financial consequences of a disability, serious illness, or unexpected death. Do employees recognize the risks they are taking? How well do they understand the benefits available to them? To answer these questions, LIMRA conducted an online survey of over 2,000 U.S. employees in December 2017.
Employees provided insight into:
- Which benefits are most important to them?
- Where do insurance benefits fall within their larger financial picture?
- How prepared are employees to cope with a financial emergency?
- Do they understand the basic features of life, disability, or critical illness insurance?
- Do they understand the likelihood of needing these products?
- What kinds of benefits communication would improve their understanding?