Aflac | Workforces Report | 2013 - page 29

Greater use of
voluntary products
According to Aflac’s research, nearly all voluntary
insurance products on the market today have
grown in popularity over the last three years.
In fact, several of these voluntary products
have doubled in popularity from 2011 to 2013.
Additional findings from LIMRA show nearly 750,000
of the 1.3 million private U.S. employers offer voluntary
options, making them available to more than 90
million full-time workers.
6
Approximately 400,000
businesses are considering adding a new
voluntary plan and another 120,000 are very much
interested. Finally, 30 percent of employers say
they are considering voluntary benefits as a
replacement to employer-paid and contributory
benefits within the next two years.
7
And out-of-pocket costs are increasing rapidly.
The U.S. government predicts that household
out-of-pocket health care expenses will reach
an average of $3,301 per year by 2014
8
, not to
mention any other costs associated with taking
time off work, childcare, fuel costs, etc. This can
intensify the challenges of an already financially
vulnerable segment of consumers today.
Companies with
Supplemental Policies
2011 - 2013
2011
2012
2013
Voluntary
Life
Insurance
Long-term
Disability
Insurance
Short-term
Disability
Insurance
Voluntary
Dental
Insurance
Long-term
Care
Insurance
Voluntary
Vision
Insurance
Accident
Insurance
Cancer
Insurance
100
50
0
Many voluntary insurance products have grown in popularity over
the last several years — several have doubled in popularity.
1...,19,20,21,22,23,24,25,26,27,28 30,31,32,33,34,35,36
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