Page 1 Voluntary Disability Insurance Affordable protection for your clients Growth opportunities for you Products and services marketed by Assurant Employee Benefits are underwritten by Union Security Insurance Company. In New York, products and services are marketed by Assurant Employee Benefits and underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, New York.
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Page 1
Voluntary Disability Insurance
Affordable protection for your clients
Growth opportunities for you Products and services marketed by Assurant Employee Benefits are underwritten by Union Security Insurance Company. In New York, products and services are marketed by Assurant Employee Benefits and underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, New York.
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This presentation provides a general overview
on the need for disability insurance. Please see
specific plan for plan details, limitations,
exclusions and restrictions
Page 3
An underserved market with huge growth potential
Employee Access to Benefits, March 2006
Source: U.S. Dept. of Labor, Bureau of Labor Statistics, National Compensation
Survey: Employee Benefits in Private Industry in the United States, March 2006.
Page 4
True or false?
Disability causes nearly 50% of all
mortgage foreclosures, compared to
2% caused by death.
Page 5
The answer
True.
Disability causes nearly 50% of all mortgage
foreclosures, compared to 2% caused by death.
Source: Health Affairs, The Policy Journal of the Health Sphere, February 2, 2005.
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Penetration doesn’t match need
•Half of all personal bankruptcies, affecting 2 million people annually, are attributed to illness or medical bills.*
•The number of U.S. workers experiencing a long-term disability continues to grow at an alarming rate.– In 2005, 2.4 million people filed disability claims
with Social Security. – The latest U.S. Census estimated that there are
over 30 million disabled Americans between ages 21 and 64.
*Source: MarketWatch: Illness and Injury as Contributors to Bankruptcy,
Health Affairs Web Exclusive, February 2, 2005.
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Voluntary products add value
•Even if employers understand the value of LTD, many are reluctant to pick up more benefit costs.
•Voluntary LTD provides an alternative– Enhances benefit packages without
additional premium contributions– Helps employers return disabled employees
to work– Non-taxable benefit when paid with after-tax
dollars
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If it walks like a duck . . . is it?
Popular payroll-deduct products may not provide true long-term disability income protection.–Cancer–Critical illness–Accident–Hospital indemnity–Specified illness
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Advantages of Group Voluntary LTD
•Provides ongoing income replacement, not lump sum benefits.
•Covers multiple causes of disability, including both on- and off-the-job illness and injury.
•Group underwriting and guarantee issue for timely applicants.
•Plans may be customized to suit employer needs.
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Affordable and convenient•Individual LTD Avg. Annual Premium - $1,8561
•Group Voluntary Industry Average Annual Premium - $3212
•According to a recent survey3, 51% of employers surveyed cited payroll contributions as a major reason to offer voluntary benefits.
•In the same study, 48% of these employers named the ease of buying group vs. individual coverage.
1 LIMRA U.S. Individual DI income sales, 2nd quarter 2007 Review
2 LIMRA Group Disability Insurance, 2nd quarter 2007 Review
3MetLife 5th Annual Study of Employee Benefits Trends
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Why choose Assurant Employee Benefits?
•We understand Voluntary LTD. Our products were developed specifically for this market.
•Employee chooses benefit level.•A range of benefit options that meet your
client’s needs:–Traditional LTD for white and gray collar–Serious Disability for heavy blue collar and
hard-to-place industries •Clear and objective policy language.
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Why choose Assurant Employee Benefits?
•We make it easy:– Census-free quote process.– Enrollment support and personalized
enrollment forms.– Online billing administration.– No health underwriting – true “open”
enrollment each year for most plans.
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Hungry for growth?
Opportunities are plentiful with Voluntary
LTD.
Make sure you get your slice of this market while
there’s plenty on the table.
Partner with Assurant Employee Benefits and
we’ll show you how easy it can be.
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Disability products and services marketed by Assurant Employee Benefits are underwritten by Union Security Insurance Company. In New York, products and services are marketed by Assurant Employee Benefits and underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, NY. Plans contain limitations and exclusions. Benefits provided and premium amounts depend on the plan selected. Some plan benefits may not be available in all states. We have the right to cancel policies with advance written notice.
This policy provides disability income insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department.
GP-90/PF99
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