Additional options include a wellness benefit to encourage annual health screenings; a critical illness rider to provide a benefit for certain critical illnesses including heart attack, stroke or coma; and an accident rider to provide benefits for common accidents such as dislocations, fractures or burns. The wellness benefit is available on all three of the Compass suite products. All such benefits are paid as a fixed amount provided in the policy upon occurrence of the specified event.
In the current landscape, health focused voluntary products are experiencing industry growth. LIMRA research shows that sales in this area were up 10 percent in the first quarter of 2013 compared to last year's pace and are experiencing a third consecutive year of double digit growth. These offerings include insurance products such as disability, critical illness, accident, dental and hospital indemnity. 1 ING U.S.'s own voluntary business experienced growth of 39 percent in the first quarter of 2013 compared to the first quarter of 2012.
As voluntary benefits start to play a bigger role in supplementing an employee's insurance program, there is also a need for more people to understand their value and importance. According to ING U.S.'s 2012 Insurance Revealed study 2, only 25 percent of employees were familiar with hospital indemnity insurance. ING U.S. is helping to raise awareness and increase adoption by working with distribution partners and employers to provide comprehensive products, tools, resources and education.
For more information on the Compass product suite, please call ING U.S. Employee Benefits at 866-566-2316.1 U.S. Worksite Sales survey, LIMRA, First Quarter 2013 2 Findings are from an online survey conducted by Praxis Research Partners in July 2012. Respondents were 1,006 adults, of whom 887 were employed, over the age of 25 with an annual household income of $50,000 or greater. Data were weighted to make the results representative of the U.S. population. About INGING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement Company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible — one person, one family and one institution at a time. For more information, visit http://ing.us. ING U.S. Employee Benefits has nearly 40 years of experience in the voluntary benefits business. Voluntary benefits are benefits offered at the workplace and elected and paid for by employees. Voluntary products offered by ING U.S. Employee Benefits include accident, critical illness, whole life, universal life, and disability income insurance. Insurance products are issued by ReliaStar Life Insurance Company ( Minneapolis, MN) and ReliaStar Life Insurance Company of New York ( Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the ING family of companies. Product availability and provisions may vary by state. SOURCE ING U.S.
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