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But why is it news?

Insurance and employee benefits may not sound like the stuff dramatic news stories are made of, but these products often are the main protection families and individuals have against the potentially devastating financial impact of illness or injury. Read here about personal finance and business story angles, along with background information on Unum's role in helping to protect the financial security of millions of people.

Without a net

Most Americans — more than 72 percent — live paycheck to paycheck without enough savings to cushion a financial blow.[1] This means the average worker doesn't have the economic safety net they would need if they were hurt or sick and missed work. More than 60 percent of all personal bankruptcies filed in the U.S. in 2007 were due to an inability to pay for medical expenses.[2] Disability insurance is an affordable way to protect families from the economic fallout of illness or injury.

Oh, baby

Maternity leave was Unum's leading reason for short term disability leave in 2009, accounting for about 20 percent of claims. The Family Medical Leave Act requires employers to hold jobs for employees who miss work because of illness, injury or maternity leave, but the law doesn't require employers to pay workers during the absence. For many women in the workforce who do not have disability coverage, time at home with a new baby means time without a paycheck.

Much misunderstood

Many people believe Social Security Disability or workers' compensation will provide them an income if they are hurt or ill and cannot work. The average monthly benefit paid by Social Security Disability Insurance (SSDI) is $1,068 a month.[3] Social Security is only for the most seriously, long-term disabled, and workers' compensation only covers injuries that occur on the job. In fact, only a small fraction — 10% — of disabling accidents and illnesses are work-related. The other 90% are not, meaning workers' compensation doesn't cover them.[4]

It won't happen to me

Statistics show otherwise. In fact, over 54 million Americans are classified as disabled.[5] Just in the past hour alone, almost 3,000 American became disabled — that's 49 each minute.[4] While health insurance covers medical costs, it does not replace lost income. What some don't realize is income lost through disability is two times as great as auto accident losses and three times as great as fire losses.[6]

Taking care of business

Owning a business is a dream come true for many people, but a small business is dependent on your ability to work. Disability insurance can help a small business owner gain peace of mind in case they become disabled, and Unum offers benefits solutions designed especially for smaller businesses.

Taming turnover

Employees who receive quality benefits education are more likely to feel valued by their employer, have a positive perception of their company, and say they are more likely to stay with their employer even if they were offered the same pay and benefits elsewhere.[7]

The caregiver connection

As the sandwich generation finds themselves caring for children and parents simultaneously, workplace productivity will take a hit and absenteeism will continue to rise. How is this affecting employers? How can offering a long term care insurance policy to employees help?

Every autumn

If it's fall, it must be benefits enrollment time. This annual rite of business passage presents an ideal time for workers to evaluate their compensation, savings and insurance. Where are the gaps in the financial safety net? Have coverage needs changed over the past year through marriage, divorce, birth of a child? How do you adjust coverage? How can your employer help?

A guide to coverage

Not all insurance policies are built the same, and not everyone needs the same kinds of coverage. What coverage is right for new graduates? Young families? Workers considering retirement? Give your readers tips for selecting disability, long term care and life insurance policies that serves them well now and in the future.

References:
1. American Payroll Association, "Getting Paid in America" Survey, 2010.
2. The American Journal of Medicine, June 4, 2009.
3. Social Security Administration, Fact Sheet 2010.
4. National Safety Council, Injury Facts 2008 edition.
5. US Census Bureau, November 2008.
6. 2008 Field Guide to Estate, Employee & Business Planning, The National Underwriter Company, 2008.
7. Unum and Harris Interactive Survey, December 2008.