On the same day that I nearly took a tumble on ice in the midst of a nationwide cold wave, I read the results of a Northwestern Mutual survey conducted by Harris Interactive about Employees and Disability Coverage.
Quite simply, the results showed that only 10% of the 2,100 workers responding were insured for disability with 30% receiving the coverage through the worksite. In addition, nearly 80% of the respondents indicated they would be "Devastated" if a disability prevented them from working. EmployeeBenefit News", in covering the study, pointed out that it was ironic that "73% of the respondents have insured their home or rental property and 88% have auto insurance".
While we at BenefitPlace, Vesta Worksite, and Vesta p&c were discussing this study for Northwestern Mutual by Harris Interactive, we questioned why their was so much need and if their was demand? Generally we agreed that there was a problem in communication among carriers, brokers, employers, employees and individuals.
We have been an aggressive proponent of disability coverage for all income groups on a core or worksite/voluntary basis for over 20 years. We have enjoyed the Employer's willingness to make the plans available and substantial Employee participation. Guaranteed and/or simplified issue offered by a number of carriers on an individual or group chassis at affordable "price points" makes the plans functional for all income levels.
Existing and potential clients may appreciate input on meeting the disability coverage Needs and Demands! In addition, the door may be open for offering an expanded menu of voluntary choices!
Please share your thoughts with us and those in our benefits and insurance community!