The Hartford Finds Pandemic Renews Focus On Employee Benefits

September 24, 2020 | Business Wire

  • Forty percent of employees will consider purchasing life insurance during their next open enrollment as a result of COVID-19
  • Gen Z and younger Millennials now more likely to purchase additional benefits offered by their company

  • HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford’s 2020 Future of Benefits Study found that the pandemic has placed a greater emphasis on employer-sponsored benefits that help people plan for unexpected life events and provide financial protection. According to the study, 40% of U.S. workers say they will consider purchasing life insurance during their next open enrollment as a result of COVID-19.

    “The pandemic is shining new light on the benefit programs offered to employees through their workplace, revealing features they might have been overlooking,” said Jonathan Bennett, head of Group Benefits at The Hartford. “People are facing challenging circumstances – whether it is the shattering experience of losing a loved one or becoming sick themselves – and are now recognizing the value of financial protection provided by life insurance and other benefit options. As we mark Life Insurance Awareness Month and approach benefits enrollment season, we encourage employees to carefully review and consider the benefits offered by their employer that can help them prevail through difficult life experiences.”

    The Hartford’s Future of Benefits Study, which polled U.S. workers and human resource benefit decision makers before the COVID-19 outbreak in the U.S. in early March 2020, and again in mid-June, found that employees say they would consider purchasing the following benefits during their next open enrollment because of COVID-19:

  • Life insurance: 40%
  • Short-term disability insurance: 30%
  • Long-term disability insurance: 29%
  • Critical illness insurance: 27%
  • Hospital indemnity insurance: 23%
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    (View infographic…)