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WASHINGTON--([ BUSINESS WIRE ])--Unum (NYSE: UNM) CEO Tom Watjen spoke today at a Senate committee hearing on the value of income protection benefits to individuals, businesses and the government as well as the need for the private disability insurance industry and the government to work together to expand these coverages.

"The ability to earn a living is the most important asset people have, and protecting that asset benefits individuals, families, businesses and taxpayers"

aThe ability to earn a living is the most important asset people have, and protecting that asset benefits individuals, families, businesses and taxpayers,a Watjen said.

The hearing, entitled aStay-at-work and return-to-work: Lessons from the private sector,a also focused on how the private sector supports employees through disability insurance, employment modifications, and workplace accommodations, among other services.

aThe world of disability is uncharted territory for most employees, and Unum guides them through this difficult landscape by building a trusting and supportive relationship with the common goal of helping the employee recover and return to work,a Watjen said.

A worker is three times more likely to become disabled than to die before retirement, yet is much more likely to have life insurance than income protection insurance, Watjen told the committee.

Income protection insurance is affordable, with premiums often as low as just $20 to $30 per month. But 70 percent of private sector employees lack long term disability coverage.

aOur experience is that the lack of awareness of the risk of disability and the affordable ways to insure against the risk are the biggest impediments to more Americans being protected,a Watjen said. aThat is why this hearing is so important.a

Disability benefits can provide the support and resources families need to avoid real financial hardship when an employee is sidelined by injury or illness, Watjen said. Employers value the role the coverage can play in recruiting and retaining a talented workforce and strengthening businesses. And the value of these benefits extends to taxpayers and the government, as well, he added.

Last year, Unum commissioned a study by Charles River Associates to assess the value of employee benefits with a specific focus on disability protection provided in the workplace. The study found that private, employer-sponsored disability insurance saves taxpayers up to $4.5 billion dollars per year and helps as many as 575,000 families avoid impoverishment and the need to rely on public assistance programs.

In fact, the Charles River report suggests that poverty among working adults who become disabled during their careers could be virtually eliminated if all workers had some form of standard employer-sponsored disability insurance.

The private income protection insurance industry and the government have opportunities to work together on the shared objective of making financial protection more accessible and affordable for American workers, Watjen told committee members.

aGovernment can play an important role by helping to raise awareness with consumers, employers, and others about the risks and consequences of disability.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 more than $6 billion in total benefits to customers in 2011.