Tennessee-based Unum Releases Buyers Study Findings

Headquartered in Chattanooga, Tenn., Unum unveiled findings of its 2008 Buyers Study, saying the role employee benefits play in protecting the financial stability of workers and their families is often overlooked.

One half of all bankruptcies are attributed to illness, injury and associated medical bills, according to the study.

Mike Simonds, Unum’s senior vice president of marketing and product development, says benefits are critical to helping protect financial stability when workers see the value of savings and homes decline.

The study combines information on economic and demographic trends with proprietary Unum sales data to examine buying patterns and changes in employee benefits needs.

Health care costs are among the top cost pressures identified by top executives, according to the Unum study.

Unum’s short term disability benefit sales shifted from 19 percent employee-funded to 55 percent employee-funded in five years, the insurer reported. Nearly 650,000 companies in the US already sponsor at least one voluntary benefit, allowing 82 million American workers access to these benefits, Unum found.

A copy of the 2008 Buyers Study is available in the reference materials section of the newsroom at Unum.com.

Source: Unum
www.unum.com

Topics Tennessee