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

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Industry Issues

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.

Key Findings

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?

Reports in the Series

Mind the Gap: Do Employers Understand Employees’ Benefit Priorities?

Jul 27, 2018

Learn about disconnects between employer and employee views of benefits.

Critical Illness Insurance: Employee’s Impractical Strategies for Real Possibilities (2018)

Jul 2, 2018

How well do employees actually understand critical illness insurance, and what are their strategies to cope with a critical illness?

Impractical Strategies to Address Realistic Challenges: Disability Insurance in the Eyes of Employees

May 24, 2018

How well do employees actually understand disability insurance, and what are their strategies to cope with a loss of income due to a disability?

Related Resources

Employee Benefits: Why Don't People Participate?

Why don't people participate in benefits?

Don't Look Down: Employees' Understanding of Benefits and Risk

8/29/2018 1 - 1:30 p.m.

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?

The Inside Scoop on Workplace Benefits

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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U.S. Worksite/Voluntary Sales and In Force

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U.S. Workplace Supplemental Health Insurance

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Get a quick look at how the workplace supplemental health market is performing. Identify trends within the industry as well as among your peers. New Q4 2023 data.

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