Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Health Insurance > Life Insurance Strategies

Prudential Finds Gaps In Worker Disability Awareness

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Many U.S. workers lack disability insurance, but many who have group coverage may not know that they have it.

Researchers have reported that possible gap in a review of results of a recent survey of 1,028 employees ages 18 and older at companies with at least 50 full-time employees and a second survey of 1,400 benefits decisionmakers.

About 60% of the workers identified “having financial security if a wage earner can no longer work due to a disability or serious illness” as a top concern, and only 21% say employers are addressing that concern, Prudential researchers report.

More than two-thirds of employers with more than 50 employees offer group long-term disability coverage, the researchers note.

In many cases, “employees simply don’t make the connection between income replacement and their group disability plan,” the researchers contend.

When the survey team asked workers to allocate $100 hypothetical benefits dollars to 7 employee benefits, employees allocated almost $50 to retirement savings, $19 to medical benefits, $7.53 to dental benefits, $7.50 to long term care insurance, $6.26 to life insurance, $4.84 to disability insurance and $4.63 to vision care insurance.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.