Benefits Consultant, Credit Union Benefits Alliance
New research reveals that nearly half of workers polled fear the financial impact of a critical illness more than dying from one.
Sun Life Financial reports this finding in a summer 2013 white paper on critical illness insurance, “Well-placed fears: workers’ perceptions of critical illness: What every employer needs to know.” Administered by Kelton Research, the online survey polled 4,116 full-time U.S.-based employees, the median household income and age of respondents being $51,000 and 43, respectively.
When asked to identify their greatest concern in case of a critical illness, 47% of survey participants named “finances.” That’s a significantly higher percentage than the third (29%) who flagged “dying” or the fifth (22%) who cited “the emotional burden.”
The report adds that middle-aged workers ages 40 to 50 are twice as likely to be more concerned with finances than with dying.
“While most workers fear the financial impact of a life-changing illness, the greatest proportion of workers who feel more concerned with ‘finances’ than with ‘dying’ in case of a critical illness work in the transportation, utility, business/professional services or manufacturing industries,” the report states. “This suggests that employers might want to especially consider offering critical illness insurance in their benefit packages if they employ a large proportion of middle-aged workers, singles of all ages or workers in the transportation, utility, business/professional services and manufacturing industries.”
When asked which of the common critical illnesses most concerned them, half (48%) of all workers named invasive cancer; one third (32%) cited heart attack; and one-sixth (15%) pointed to stroke. The report also observed that more women (56%) than men (42%) flag invasive cancer as their most feared critical illness. More than men (37%) than women (25%) indicate heart attack.
Find the full white paper on Sun Life Financial’s website: http://sunlife.mkt5013.com/critical-illness-whitepaper-brokers/critical-illness-whitepaper-brokers-pr/