Most (83 percent) employers who offer group long-term disability insurance to employees feel the amount of base coverage is adequate. However, gaps exist in coverage for executives. Even with this acknowledged exposure, only 15 percent of these companies plan to change their group LTD programs.
That's according to a new report by Massachusetts Mutual Life Insurance Co. and the Society for Human Resource Management. The "2013 Employer Perspectives on Disability Benefits" lists findings from surveys of more than 44,000 SHRM members regarding their company's long-term disability and executive benefits programs. The results show many executives underinsured.
"Not only are many executives at risk, but so are their families," said Melissa Millan, senior vice president, worksite insurance, MassMutual. "We commissioned this study to help employee benefits executives and benefits managers benchmark their disability insurance plans more effectively, and help lead organizations to fully informed recommendations and decisions."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Emily Holbrook
Emily Holbrook serves as owner and head content creator at Red Label Writing LLC, a content studio that collaborates primarily with the insurance and financial services sectors. She can be reached at [email protected].
