Report Compares Industry Benefits Preferences

In tables describing supplemental insurance offerings, for example, life insurance and disability insurance tend to be popular in most of the industries included, but critical illness insurance appears to be establishing itself as a mainstream product.

The product accounted for only 7% of total new premiums at legal services firms in 2005, but it accounted for 10% to 18% of the totals for most of the other industries reviewed. Critical illness insurance accounted for 20% of new premiums at manufacturing firms and 29% at engineering firms.

Similarly, funding arrangements for group long-term disability insurance vary widely from industry to industry.

Only 43% of UnumProvident’s employer clients in wholesale and retail trade pay all premiums for employees’ group LTD coverage, but 59% of the health services and research employers pay the whole bill for LTD coverage.