More than a third of Americans say they dont feel financially secure, according to a survey from Unum. Moreover, the number of those who feel not at all secure is up from the last year. Women, meanwhile, feel more financially insecure than men.
In an advance copy of Disability Divide: Employer Study provided to EBN, only 26% of HR professionals surveyed believe employees feel its very important to prepare for a disability; the same amount thinks employees are in fact properly prepared to withstand a disabling event.
For the past 12 years, Unum reports, the leading cause of its long-term disability claims is cancer. Most people who have been diagnosed with cancer are very motivated to get back to work, says Kristin Tugman, senior director of health and productivity at Unum. It helps create a sense of normalcy and control at a time when people often feel understandably overwhelmed. Cancer is also Unums No. 6 cause of short-term disability. May is Disability Awareness Month. Here are the top five LTD and STD causes according to 2012 claims data from Unum. [Images: Shutterstock]
Heres a unique opportunity to add value to your role as your clients trusted advisor. By the year 2020, five generations will occupy the workplace. This will require a change in the relationship between employee and employer, including benefits offerings and related costs.
Join us on May 8 as we investigate four trends in the workplace resulting from the rising costs of health care and reduced personal wealth.
Trend 1: Baby boomers postponing retirement and how this affects your clients
Trend 2: Generation X and Millenials, also known as the "sandwiched generation," doing more with less and the need for absence programs
Trend 3: Increasing disability incidence and strategies to address it
Trend 4: Cost-shifting realities and avoiding insurance coverage gaps
Attend to learn how you can:
About our speaker:
Alex Dumont is the assistant vice president of product marketing for Standard Insurance Company (The Standard). In this role, Alex leads product management and development for The Standards group insurance and retirement plans products and services, including group life and accidental death and dismemberment, long- and short-term disability, dental and vision.
Two new insurance products aim to raise employee awareness about retirement planning and disability.
In 2012, banks sold $1.6 billion in life insurance premium, the second-highest annual production level in the history of the bank channel. The banks record year was 2010, when the channel sold $1.8 billion in life insurance.
Disability insurance experts with Guardian Life Insurance Company have developed an index for measuring and predicting the success of companies absence management programs in conjunction with their short-term and long-term disability programs.
Women and younger workers are particularly likely to favor customizable voluntary benefits, according to a TNS Omnibus survey.
By lowering the length and duration of time away from work due to injuries and illnesses on or off the job, return-to-work programs have reduced workers compensation, disability and medical insurance costs as well as strengthened employee morale and productivity. RTW programs also have helped protect employers from lawsuits regarding regulatory non-compliance, particularly related to the Americans with Disabilities Act. However, RTW programs aren't without pitfalls. Kevin Ring, director of community growth for the Institute of WorkComp Professionals,outlines 10 mistakes that can derail your RTW effort.
Barry Lundquist, president of the Council for Disability Awareness, says his group has had a solid start in its effort to educate on the dangerous gaps in long-term coverage.
Proposed changes would have required the tracking of unscheduled intermittent leave, a move opposed by the Society for Human Resource Management.
The overall pace of investment prompted Forrester to warn insurers making only limited mobile efforts soon will lose competitive ground to insurers more aggressively pursuing the technology.
Ninety-eight percent of American businesses have fewer than 100 employees and, according to new numbers from LIMRA, the number of small employers offering benefits is at its lowest level in 20 years.
Experts at Guardian Life Insurance Company emphasize the importance of smaller employers maintaining robust absence management programs.
The Hartford Group says its most recent survey indicates that more than 80% of workers would sign up for personalized voluntary disability coverage, given the option. The Hartford says it has a new offering to meet just that need.