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Did You Know?
Worksite Industry Statistics:
- Worksite sales for 2003 are estimated at $4.321B 1
- 53% of employers offer at least 1 voluntary product 2
- Annual sales of 12% CAGR (compounded annual growth rate) since 2000 1
- 1 in 4 employers are considering adding voluntary benefits in the next 2 years 2
- 61% of employees are interested in a wider array of voluntary benefits 3
1 Eastbridge Consulting Group: U.S. Worksite Study/Carrier Results for 2003
2 LIMRA: Worksite Marketing of Voluntary Benefits: The Employer’s Perspective, 2003
3 The MetLife Study of Employee Benefit Trends, 2002 National Survey of Employers and Employees
Industry Participation Results
 Source: LIMRA International Voluntary disability participation rates are among the highest in the industry. It’s important that we continue to drive educational efforts with both employers and employees alike. Consider the following:
Disability Probability The odds of a person having at least one long-term disability that lasts 3 months or longer before that person reaches age 65.
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Age
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Probability
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25
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44%
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30
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42%
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35
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41%
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40
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39%
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45
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36%
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50
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33%
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55
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27% |
Source: 1985 Commissioners Individual Disability, Table A
Miscellaneous Disability Statistics
- 3 of 10 working people between the ages of 35 and 65 will become disabled for 90 days or more (1987 Commissioners Group Disability Table).
- 58% of initial Social Security applications are denied. (“Overview of Entitlement Programs,” 1992 Green Book, U.S. Ways and Means Committee).
- The probability of dying between age 35 and age 65 is approximately 23% (1980 Commissioners Standard Ordinary Table).
- 48% of all mortgage foreclosures are due to loss of income from a disabling condition (Department of Housing and Urban Development).
- 1 in 3 workers will lose their ability to work due to a disability lasting 90 days or more sometime before age 65 (1985 Commissioners Individual Disability Table A).
- Group LTD benefits typically cost about 1% of payroll. Instead of giving an employee 4% raise, next time give them a 3% raise and Group Disability coverage.
- In the hour it takes to workout in a gym, 2,220 people will become disabled (National Safety Council, 1999).
- The probability of incurring a disability before age 65 that lasts 90 days or longer is: age 25 (44%), age 35 (41%), age 45 (36%), and age 55 (27%) (1985 Commissioners Individual Disability Table B).
- Initially, only 35% of Social Security disability claims are approved (Social Security Forum, Volume 21, Number 5, May 1999).
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