Employees working for employers with between 50-99 employees are most likely to own more than one voluntary product, finds Eastbridge Consulting Group
AVON, CONNECTICUT, USA (March 31, 2020)
While employees in groups with 50-99 employees have the highest percentage of owning at least one voluntary product (54%), these employees also have the highest percentage of owning multiple voluntary products (77%) compared to the other employer size segments, according to Eastbridge’s Exploring Employee Demographics: Key Attitudes and Behaviors towards Voluntary/Worksite Benefits — MarketVision™—The Employee Viewpoint© report. Employees in this segment also have the highest ownership rates of voluntary whole life or universal life and voluntary AD&D. Following are a few other key findings relating to product for other demographic segments covered in the report:
- Boomers rate the importance of medical and prescription drug coverage slightly higher than other generational segments, while Gen Xers and Millennials rate life, disability/income replacement, accident, AD&D, critical illness, and cancer slightly higher than Boomers.
- Retail/Wholesale Trade segment are the least likely to own traditional health and security products on any funding basis, but top voluntary products owned are dental and vision.
- The top two voluntary products owned by employees earning less than $50,000 are vision and dental, while employees earning $50,000 or more most commonly own term life and universal life/whole life.
- Government employees have the highest percentage of owning at least one voluntary product; of employees owning voluntary products, they also have the highest percentage of owning just one voluntary product.
Exploring Employee Demographics: Key Attitudes and Behaviors towards Voluntary/Worksite Benefits - MarketVision™—The Employee Viewpoint©, a Spotlight™ Report
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Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.