Nearly half of U.S. workers spend 30 minutes or less reviewing benefits before enrollment, Unum finds
By a
"Navigating the sea of coverage options can be overwhelming for employees," said
According to Vanguard research, when auto-enrollment is used with retirement plans, it's been shown to double the number of employees who participate. It's a model that works, and from large national companies to small local businesses, automatic enrollment has been the right solution for Unum clients, as well.
Among the most successful are a warehouse club with 70,000 employees that had 95 percent employee participation; a 2,000-employee manufacturer with an 83 percent participation rate; and a 400-employee auto dealership that saw participation reach 80 percent.
Years of research shows employees need and want disability coverage - but they neglect to enroll.
Seventy-one percent of Americans would find it somewhat or very difficult to meet current financial obligations if their paycheck were delayed by one week1.
Even more (88 percent) think employers should offer disability insurance that could help protect their finances if they were unable to earn a paycheck due to sickness or injury2.
Fifty-six percent of workers even say they'd pay the full premium2.
Yet only 26 percent of workers actually sign up, so the majority risk their incomes should they become too ill or injured to work3.
One in four of today's 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age4.
Employers can also boost disability coverage participation by taking an active approach. With active enrollment, employees must respond with a yes or no to all benefits being made available. This leads to higher participation rates and provides employers an opportunity to inform their employees of new policies or coverage plans. It also helps employees ensure their coverage matches their current family situation and needs for the year. About
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