Sun Life: More than one-third of workers decline DI coverage from employers
By National Underwriter
By Warren S. Hersch
One-third of full-time workers lack long-term disability income insurance and nearly four in ten employees have declined to buy a group DI policy offered to them by their employers.
Sun Life Financial, Wellesley, Mass., published this finding in a summary of results from a new report, “Will workers in America hope to dodge the bullet, remain blind to the risks, or simply hide? Perceptions, misconceptions, and best practices about long-term disability.” The study is based on a survey of more than 2,000 U.S. workers conducted for Sun Life Financial by Kelton Research
The report reveals that more than one-third (38%) of workers whose employers offered them the option to pay for group long-term disability income insurance declined to buy it, leaving most uninsured. Among the report’s other findings:
- Workers who don’t buy group voluntary long-term disability coverage fall into three categories: (1) “The Gambler,” who doesn’t think the risk justifies the cost of premiums; (2) “The Mole,” who hasn’t considered the issue and so remains blind to solutions; and (3) “The Ostrich,” who finds the thought of disability too unpleasant to face.
- Workers under age fifty, minorities, men, and tech workers are more likely to have purchased long-term disability income insurance than other respondents.
- Many workers don’t understand key features of long term disability income insurance and fail to anticipate how a disability may raise monthly living expenses.
Originally published on LifeHealthPro.com