Employees working for employers with between 50-99 employees are most likely to own more than one voluntary product, finds Eastbridge Consulting Group

| Source: Eastbridge Consulting Group, Inc. Eastbridge Consulting Group, Inc.

AVON, Conn., March 31, 2020 (GLOBE NEWSWIRE) -- While employees in groups with 50-99 employees have the highest percentage of owning at least one voluntary product (54%), these employees also have the highest percentage of owning multiple voluntary products (77%) compared to the other employer size segments, according to Eastbridge’s Exploring Employee Demographics: Key Attitudes and Behaviors towards Voluntary/Worksite Benefits — MarketVision™—The Employee Viewpoint© report. Employees in this segment also have the highest ownership rates of voluntary whole life or universal life and voluntary AD&D. Following are a few other key findings relating to product for other demographic segments covered in the report:

  • Boomers rate the importance of medical and prescription drug coverage slightly higher than other generational segments, while Gen Xers and Millennials rate life, disability/income replacement, accident, AD&D, critical illness, and cancer slightly higher than Boomers.
  • Retail/Wholesale Trade segment are the least likely to own traditional health and security products on any funding basis, but top voluntary products owned are dental and vision.
  • The top two voluntary products owned by employees earning less than $50,000 are vision and dental, while employees earning $50,000 or more most commonly own term life and universal life/whole life.
  • Government employees have the highest percentage of owning at least one voluntary product; of employees owning voluntary products, they also have the highest percentage of owning just one voluntary product.

The Exploring Employee Demographics: Key Attitudes and Behaviors towards Voluntary/Worksite Benefits — MarketVision™—The Employee Viewpoint© report is now available and contains additional demographic information on income, industry, generation, occupation, and employer size that carriers can use to refine their employee segmentation efforts. The cost of the report is $2,000. For additional information or to purchase the report, visit the report page by clicking here, e-mail info@eastbridge.com, or call (860) 676-9633.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.

FOR FURTHER INFORMATION, CONTACT:

Ginger Bates (803) 782-0560