Guess What? Exec Women Golfers Like Voluntary Worksite Benefits
Professional women appear to have a strong affinity for voluntary employee benefits in the workplace, according to a new survey by Massachusetts Mutual Life Insurance Company, Springfield, Mass.
The company recently surveyed over 1,100 members of the Executive Womens Golf Association, Palm Beach Gardens, Fla. Because of its demographic profile, the surveyed universe is a representative cross section of executive women, a MassMutual spokeswoman says.
(Not incidentally, the company is negotiating with the EWGA to offer disability and long term care insurance products at a discount to its members.)
The survey, which the association e-mailed to 15,000 members, is called the MassMutual Benefits Barometer. Professional women responded positively to employee-paid benefit coverage being offered at work, it found.
Asked what kind of voluntary insurance coverage they had available at work, 44% said disability insurance, 35% said LTC insurance and 56% said life insurance.
The survey found 37% of respondents said they own voluntary disability income insurance through their employer. Another 45% said they would buy such insurance if their employer offered it; 26% said they dont own any disability income policies.
Long term care proved to be another popular product with the group. Some 18% indicated they already own voluntary LTC insurance through work, while 45% said they would buy such coverage if their employer were to make it available.
As for life insurance, 45% said they had voluntary worksite coverage, while 34% said they would buy it if available through their employer.
The survey also found that 25% of respondents typically buy financial products at work. Another 66% usually buy such products on their own through financial professionals, and 10% typically buy them directly from an insurance company.
Some 15% said they prefer to buy financial products from a female and 3% from a male, while 83% had no preference.
Other findings of the survey:
–Only 7% of respondents shifted personal financial management decisions to their household partner or claim they are in the dark about those decisions, while 40% reported a shared responsibility and 35% claimed to be the prime financial decision-maker in their household.
–About 51% said they are contributing 10% to 20% of their monthly income after expenses to savings, while 17% say they are not saving enough consistently.
–If forced to live on half of their household income for 6 months or more, 45% would dip into savings, 41% said they could live on less, and 9% said theyd deplete their savings.
Reproduced from National Underwriter Edition, November 11, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.