The Hartford is introducing MyTomorrow, an online educational resource that is designed to assist consumers in recognizing possible financial risks and better understand their benefits options.
"Research by The Hartford found most people don't understand life and disability insurance, but, at the same time, they are increasingly being asked to pay for them," says Mike Fish, vice president for The Hartford's Group Benefits. "Our education programs empower consumers, giving them the confidence to make informed benefit selections to help them prepare today and protect tomorrow."
MyTomorrow offers users a personalized look into their financial risks and demonstrates how their paychecks cover monthly expenses in comparison to the estimated cost of insurance to protect that income. Videos from people who discuss how disability and life insurance have helped protect their assets are also included.
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Recently, The Hartford conducted its 2011 Benefit Landscape Study, which examined life and disability insurance issues. According to the study, nearly half of full-time workers split the cost of life and disability insurance with their employers while a quarter of employees are paying the full amount for their disability coverage. Only one in four respondents completely understand these benefits.
The survey also finds that the amount of Millennial and Generation X employees who have life and disability coverage faced a double-digit drop from 2010 to 2011. Of those Millennial and Generation X employees, online enrollment is preferred.
"Our survey and industry data show that the number of people who are paying for benefits is growing every year," Fish says. "We are focused on providing resources that help them protect their income – and their lifestyle – against the unexpected."
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