October 29, 2020 | StreetInsider.com
Employers most commonly offer disability, life, and AD&D on a voluntary basis, according to a recently released Eastbridge studyAVON, Conn., Oct. 29, 2020 (GLOBE NEWSWIRE) — Accident (personal injury) and critical illness coverage round out the top five products offered, finds Eastbridge’s The Employer Viewpoint MarketVision™ Report. In addition, many employers offer a variety of non-traditional products including identify protection, legal services, pet insurance, telemedicine, and financial wellness education and tools.
The top five products that employers expressed interest in offering on a voluntary basis in the future are cancer, long-term care, critical illness, hospital indemnity/supplemental medical, and legal plans. The percentage of employers offering fully employer-paid products continues to decline with A&D and long-term disability showing over 40% declines, short-term disability showing an over-30% decline, and term life showing an over-20% decline since 2009.
Benefit managers were asked how likely they are to make several different changes to their benefits program due to COVID-19.