According to a new study commissioned by Unum and conducted by Harris Interactive, employees are placing more value on benefits than ever.
"This economic environment has caused employees to take a hard look at how to protect their income and savings from not only another recession but from personal hardship, as well," says Bill Dalicandro, vice president at Unum. "Employees are recognizing the important role financial protection benefits in particular can play in protecting their financial stability."
During the survey, respondents rated both employer-sponsored and private benefits based on their importance, and financial protection benefits experienced some of the highest gains. On a scale of importance with one being not at all important to 10 being extremely important, 53 percent of employees marked long-term disability insurance as an eight or higher, which is a seven-point gain from 2008. For short-term disability insurance, half of respondents rated it an eight or higher, a jump from 45 percent in 2008.
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The survey also reveals that 50 percent of respondents rated accidental injury coverage an eight or higher rating, a 10-point growth from 2008, and respondents 45 and older believe LTD is more important than life insurance.
"This is an encouraging trend because research shows that employees are far more likely to become disabled than die," Dalicandro says. "So while life insurance is still very important to have, employees are also recognizing the need to protect their paychecks should they become disabled during their working years."
Still, while respondents are finding benefits more important, participation has remained mostly unchanged since 2008, research shows. Respondents have also had less access to printed benefits education materials and in-person benefits education since 2008, and some respondents feel that they are not given enough time to make informed decisions.
"Employees clearly value these benefits, particularly in a struggling economy," Dalicandro says. "Ensuring that they understand their options and feel comfortable making benefits decisions helps them choose the coverages they need and want."
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