A report released by Sun Life Financial has
found 33% of full-time workers surveyed in the US lack long-term
disability insurance.
The report, which was based on a survey of
over 2,000 workers across the US, suggests that many workers are
unprepared about how they will be affected by changes to workplace
benefits involving life or disability insurance.
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Robert E. Klein, vice president of voluntary
benefits at Sun Life, said: “We must educate the U.S. workforce to
understand the financial risks of long-term disability and learn
best practices to mitigate their risks.”
According to the survey, 38% of workers
offered group long-term disability insurance by their employers
declined it. Meanwhile, workers under the age of 50,
minorities, men, and tech workers were most likely to accept
it.
The report also lists three main reasons for
employees refusing cover: those who haven’t considered the issue of
disability, those who find the prospect of disability too daunting
to face, and those who do not believe the risk justifies the cost
of the premiums.
Michael E. Shunney, senior vice president and
general manager for Sun Life Financial’s US Employee Benefits Group
Division, said: “Because employers are footing less and less of the
overall group insurance bill, workers in our country must take
proactive steps to mitigate the financial risk of long-term
disability.”
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