The disability insurance industry is expanding rapidly, according to a report by Allied Market Research. The employer segment has the highest market share. Major selling points for disability benefits are that they protect skilled employees while giving employers the edge in a tight labor market. Here are some factors that are driving the market:
Eighty-nine percent of U.S. adults say that having dental insurance brings them peace of mind, according to a Delta Dental survey. Nearly all insured adults recognize that their dental insurance saves them money and is well worth the cost. The coverage brings relief from worries about paying for a dental emergency. In fact, 68% of adults and 72% of parents say they appreciated having dental insurance more than ever during the pandemic.
“After more than two decades of near-continuous growth, the voluntary benefits market is still only half tapped, says Nick Rockwell, Eastbridge president. “Even during previous economic downturns, we’ve seen strong demand and need for the added protection that voluntary benefits provide employees.”
Cost is a top reason why employees skip the dentist, according to a survey by byte.com. Since the onset of the COVID-19 pandemic, 30% of people have not been to the dentist. On top of that, 34% do not go regularly. In rural communities, 41% go inconsistently or not at all. Here are some of the main reasons people are avoiding the dentist:
Employee financial wellbeing has been deteriorating since the start of the pandemic, according to a WTW survey. Forty-one percent of employees are living paycheck to paycheck in 2002 compared to 38% in 2019.
Those living paycheck to paycheck include a wide range of demographics:
Group voluntary products are continuing a decade-long trend of outpacing the sales growth of individual employee benefits products, according to a new report from Eastbridge Consulting Group.
Group products accounted for 78% of all voluntary sales last year. Group product sales increased 13% in 2021. That figure surpasses the industry's strong 11% recovery growth rate and is nearly double the 7% increase in individual sales.
Health concerns and work pressures during the pandemic caused widespread mental health problems that will reverberate far into the future, according to a report by Unum. "The ongoing pandemic has exacerbated the mental health crisis, but it has also helped normalize the need for mental health support,” said Swapnil Prabha, vice president of Workforce Wellness Solutions for Unum Group.
Our emotional state has an important connection to our oral health, according to a growing body of research. A CareQuest report reveals the top ways that dental and mental health are entwined based on their own research and other scientific literature. The report compares those who suffer from mental health issues to those who do not:
A study by Eastbridge projects that 2022 voluntary benefits sales will exceed pre-pandemic levels and return to historical growth rates. Brokers say they are expecting increased interest in voluntary benefits from employers and employees this year.
