- At least one-third (33%) of surveyed full-time workers lack long-term disability insurance.
- Over one-third (38%) of workers whose employers offered them the option to pay for group long-term disability insurance say they declined to buy it, leaving most uninsured.
- Workers who don’t buy group voluntary long-term disability coverage divide into three categories: workers who don’t think the risk justifies the cost of premiums, those who haven’t considered the issues, and those who find disability too unpleasant to contemplate.
- Workers under age fifty, minorities, men, and tech workers are more likely to have purchased long-term disability insurance than other respondents.
- Many workers don’t understand key features of long term disability insurance, and fail to anticipate how a disability may raise monthly living expenses.
The U.S. business group of Sun Life Financial (NYSE:SLF, TSX:SLF) received a bronze medal Stevie® Award in the “Best Marketing or Sales Brochure or Kit – Print” category at the 11 th Annual American Business Awards in Chicago last night. Sun Life was the only employee benefits carrier to win an award in the Stevie’s print marketing category. The Stevie Awards were created to honor and generate public recognition of the achievements and positive contributions of organizations and business people worldwide. The American Business Awards received over 3,200 nominations from organizations of all sizes and industries this year for consideration in a wide range of business and communications categories. Sun Life’s award-winning report is based on a survey of over 2,000 U.S. workers, the Sun Life report analyzes perceptions, misconceptions, and best practices about long-term disability. The report complements the firm’s “Wake Up” campaign, which aims to help insurance brokers, employees, and their employers understand the importance of employee benefits. "As voluntary group benefits gain popularity, we’ve committed to providing benefits brokers and plan sponsors best-in-class resources to help employees choose the most suitable benefits options given their needs,” said Bob Klein, Sun Life's Vice President of Sun Life’s U.S. Voluntary and Multiline employee benefits business. “We’re honored that we’ve been recognized with a Stevie Award for achieving this goal.” Key findings of Sun Life Financial’s long term disability white paper