How do your company's disability benefits compare to others?
Now you can find out, thanks to a new online tool from MassMutual
SPRINGFIELD, Mass., May 8, 2012 /PRNewswire/ -- Thanks to a new online Disability Benefits Benchmarking Survey tool introduced by Massachusetts Mutual Life Insurance Company (MassMutual), you can now see if your company's disability benefit offering is competitive and at least on par with other companies' offerings.
"You may be surprised at what you discover," said Tara Reynolds, corporate vice president, MassMutual. "Most employee benefit managers know their plans inside and out, but they may only have speculative information on what other companies offer. For companies seeking strong recruitment, retention and employee satisfaction, this tool can be very valuable."
The tool can also be appreciated by employees.
"Most employees don't really know much about their disability benefits until something happens in their life that triggers that moment of 'uh oh, what do I have?'" added Reynolds. "Most companies provide access to that information, but until the moment it becomes relevant and real, it's probably not on their radar screen."
In fact, few people may know that just over 1 in 4 of today's 20 year-olds will become disabled before reaching age 67, according to Social Security Basic Facts (March 2011).
MassMutual's new tool consists of ten simple questions that can be answered within moments through multiple-choice response options. Areas of questioning probe into simple details about a company's group long-term disability (GLTD) program offering, including length of the waiting period before benefits kick in, how long benefits last, maximum monthly benefit limits, percentage of base salary covered, whether or not bonuses and commissions are covered, how much employees contribute to premiums, and more.
Answers are then automatically benchmarked against the responses of 316 of the largest firms in the U.S. (based on sales revenue) who participated in The Employer Perspectives on Disability Benefits Study released by MassMutual and The American College with the Boston Research Group in 2010. Highlights from the study included:
- On average, only 60 percent of employees' base salary is covered by a GLTD program.
- Only 27 percent of GLTD programs include variable compensation – leaving bonus and commission income unprotected.
- Most GLTD programs offer a basic foundation of coverage but limit benefits for high earners.
To see how your company compares, please visit www.massmutual.com/BenefitComparison. To learn more about disability income insurance, visit www.massmutual.com/halfapaycheck.
About MassMutual
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.
Contact: |
Paula Tremblay |
413-744-0885 |
SOURCE MassMutual
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