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Employees value benefits more than ever

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  Published in Business and Finance on Thursday, October 27th 2011 at 11:15 GMT by Market Wire
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CHATTANOOGA, Tenn.--([ BUSINESS WIRE ])--A recent study commissioned by Unum (NYSE: UNM) and conducted by Harris Interactive shows that benefits matter more than ever to employees.

"So while life insurance is still very important to have, employees are also recognizing the need to protect their paychecks should they become disabled during their working years."

The third annual study of employeesa views toward their benefits and enrollment was conducted online in December following the 2010 benefits enrollment period among more than 1,700 working adults. The research finds the perceived importance of many employee benefits notably increased from 2008 to 2010 across all age groups.

aThis economic environment has caused employees to take a hard look at how to protect their income and savings from not only another recession, but from personal hardship, as well,a said Bill Dalicandro, vice president at Unum. aEmployees are recognizing the important role financial protection benefits in particular can play in protecting their financial stability.a

When employees were asked to rate benefits in terms of their importance, regardless of whether or not they were available through their employer, financial protection benefits saw some of the highest gains.

• On a scale of importance from 1 (not at all important) to 10 (extremely important), 53 percent of employees rated long term disability insurance an 8 or higher, a seven-point increase from 2008.
• Half of employees rated short term disability insurance an 8 or higher, up from 45 percent in 2008.
• And 50 percent of employees gave an 8 or higher rating to accidental injury coverage, a 10-point increase from 2008.

The study also finds employees 45 and older consider long term disability more important than life insurance as a benefit.

aThis is an encouraging trend because research shows that employees are far more likely to become disabled than die,a Dalicandro said. aSo while life insurance is still very important to have, employees are also recognizing the need to protect their paychecks should they become disabled during their working years.a

But although employees rate the importance of benefits higher, participation has remained relatively constant since 2008 across benefits.

Unumas research also shows employees have had less access to printed benefits education materials and in-person benefits education since 2008, and that some employees are not provided enough time to make informed choices.

aEmployees clearly value these benefits, particularly in a struggling economy,a Dalicandro said. aEnsuring that they understand their options and feel comfortable making benefits decisions helps them choose the coverages they need and want.a

About Unum

Unum ([ www.unum.com ]) is one of the leading providers of employee benefits products and services in the United States and the United Kingdom. Through its subsidiaries, Unum Group paid approximately $6 billion in total benefits to customers in 2010.

Harris Interactive Survey Methodology

The 2010 survey was conducted online within the United States by Harris Interactive on behalf of Unum from December 6-8, among 1,712 adults ages 18 and older who are employed full- or part-time. The 2008 survey was conducted online within the United States by Harris Interactive on behalf of Unum from December 9-11, 2008, among 1,122 workers 18 and older. For more information regarding the study, please contact Brian Baker at (423) 294-7839.

About Harris Interactive

[ Harris Interactive ] is one of the worldas leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us a" and our clients a" stay ahead of whatas next. For more information, please visit [ www.harrisinteractive.com ]