A survey conducted by Anthem in honor of May as Disability Insurance Awareness Month found that employers may be missing a key opportunity by not offering DI insurance to their employees.
The survey found that 35 percent of Millennials (ages 18 – 34) have turned down a job offer either fully or partially because they were dissatisfied with insurance offerings, compared to 27 percent of U.S. respondents overall.
While trendy offerings like in-office massages, fitness classes and extra time off might help lower employee stress levels, the number one stress-causing factor in America is still money. The Millennial generation seems particularly inclined to watch their wallets, as Anthem’s survey found they are more likely than the previous generation (29 percent 18 – 34 year-olds vs. 19 percent 35 – 54 year-olds) to have engaged in long-term financial planning over the past year.
This fact underscores that DI insurance, which protects a person’s income when he or she is unable to work due to injury or illness, should be a critical part of a benefits package and of significant importance to younger workers. While a free massage at work might get the knots out of your back, DI insurance can better position you for long-term financial health, the survey notes.
“We understand that money can be a huge cause of stress for many people no matter their age, and disability insurance is a way to alleviate that worry and prevent many of the other health problems high stress can cause,” said Mike Wozny, president of Anthem Life Insurance Company. “That’s why it is important to recognize financial planning as a part of a comprehensive, integrated health care plan.”
For many living paycheck to paycheck, an injury or illness that leaves them unable to work could have innumerable negative outcomes, not the least of which is moving back in with mom and dad. Of survey respondents who did not have DI insurance, many reported lacking coverage because either their employer did not offer it (53 percent) or because it was too expensive (32 percent). What they may not know is that for less than the price of one yoga class, workers of all ages can buy DI insurance benefits that can protect against loss of income.
This report presents the findings of an online omnibus survey using the field services of YouGov, from March 15 – 16, 2017. Data was collected among 905 U.S. adults, ages 18+ across the country. All survey respondents work at a company with at least two employees.
For more information, visit www.antheminc.com/companies.