People more likely to spend extra money on new electronics than
insurance.
COLUMBIA, S.C.--(BUSINESS WIRE)--
Though 82 percent of American workers say they’re concerned about paying
for expenses no longer covered by their health plans,1
they’re not necessarily putting their money where their mouth is.
That’s just one of the findings of a poll of more than 1,000 U.S.
employees (full-time and/or part-time) conducted online by Harris
Interactive on behalf of Colonial Life & Accident Insurance Company. The
survey revealed more workers are likely to invest an extra $200 in a new
electronic device or dinner out than would put it toward an insurance
policy. And more would spend several days or more researching the
purchase of a new car (77 percent) or vacation destination (70 percent)
than researching a life or health insurance purchase (67 percent).
“Although the majority of workers are concerned about the rising costs
of health care, they’re still not making insurance and financial
protection a priority,” says Steve Bygott, assistant vice president of
core market services at Colonial Life. “It’s good to see that more
people would use an extra $200 to pay off debt or add to a savings
account than anything else, but it’s worrisome that protecting their
families and lifestyles from financial problems doesn’t rank higher than
a smartphone or a nice meal.”
In the poll, 83 percent of workers say they’re at least somewhat
concerned about increased health insurance premiums. And 81 percent
express concern about paying for unexpected medical expenses (emergency
room visits, major surgery, etc.). When asked how much time they would
spend researching the purchase of various items, 55 percent of employees
say they would spend a week or more deciding which car to buy. Only 38
percent of those surveyed say they would spend that much time deciding
on an insurance plan.
“We still have a long way to go in helping employees understand the
importance of workplace benefits and the valuable role they play in
helping to protect their health and the income,” says Bygott. “But
employers who provide good benefits education are helping bridge this
knowledge gap.”
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in
providing financial protection benefits through the workplace, including
disability, life, accident, cancer, critical illness and supplemental
health insurance. The company’s benefit services and education,
innovative enrollment technology and personal service support more than
79,000 businesses and organizations, representing more than 3 million
working Americans and their families. For more information visit www.coloniallife.com
or connect with the company at www.facebook.com/coloniallifebenefits,
www.twitter.com/coloniallife
and www.linkedin.com/company/colonial-life.
Survey Methodology
This survey was conducted online within the United States by Harris
Interactive on behalf of Colonial Life from September 3-5, 2013 among
2,046 adults ages 18 and older, among whom 1,023 are employed full-time
or part-time. This online survey is not based on a probability sample
and therefore no estimate of theoretical sampling error can be
calculated. For complete survey methodology, including weighting
variables, please contact Jeanna Moffett at Colonial Life at JMoffett@ColonialLife.com.
1 Online survey conducted within the United States for
Colonial Life & Accident Insurance Company by Harris Interactive, Sept.
3-5, 2013, among 2,046 U.S. adults age 18 and older, among whom 1,023
are employed full-time or part-time.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131112006845/en/
Colonial Life
Jeanna Moffett, 803-678-5445
JMoffett@ColonialLife.com
Source: Colonial Life