Employees Increase Insurance Amid COVID
The coronavirus pandemic is forcing an increasing number of employees to reevaluate their insurance coverage, with nearly 30 percent either enrolling in or upping their life insurance plans for the first time. According to new research from employee benefits provider Unum, more than 1 in 3 workers (36 percent) are planning to enroll in different benefits this year due to the COVID-19 pandemic.
Meanwhile, 27 percent of workers plan to enroll for the first time or increase their coverage in life insurance, 14 percent for hospital insurance, and 12 percent for short- and long-term disability insurance. Another 12 percent plan to enroll for the first time or increase their coverage in critical illness coverage. Overall, 64 percent plan to pay more attention to their employee benefits and spend more time reviewing and understanding them compared to previous years.