How much do employees actually understand about workplace insurance benefits and the likelihood of needing them?

Kimberly A. Landry 5/17/2018
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:
Learn about disconnects between employer and employee views of benefits.
How well do employees actually understand critical illness insurance, and what are their strategies to cope with a critical illness?
How well do employees actually understand disability insurance, and what are their strategies to cope with a loss of income due to a disability?
Do benefits really matter for employee recruitment and retention?
Employees that choose not to enroll in nonmedical benefits often claim that they “don’t need” the products. How prepared are employees to actually cope with a financial emergency?
LIMRA’s research shows only 81 percent of employers currently offer benefits to their employees, down from 88 percent in 2003.
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