Over 60% of firms reporting the benefits offerings at their company, have been affected by current financial challenges
Unum’s sales of critical illness insurance has increased by nearly 20% through the first half of 2009. The company’s new group critical illness product, launched nine months ago, is responsible for more than 30% of sales.
Scott Brown, director of critical illness products for Unum, said: “As economic realities force employers to adjust their health benefits, employees are exposed to additional financial pressures. Critical illness insurance can help fill gaps in medical coverage and help pay for expenses that fall outside the scope of health coverage. Our sales trends show that employers recognize the need to help their employees fill these gaps.”
Mr. Brown points to a June 2009 survey by the Society for Human Resource Management, that found 60% of firms reporting the benefits offerings at their organisation, have been affected by current financial challenges. And most employee benefits offerings have experienced a slight downward trend over the last year.
Unum, a provider of employee benefits products and services, provides group and individual disability income protection insurance in the US and the UK.