Media room
May 29, 2009
Consumers unlikely to drop insurance coverage in the event of a job loss
Most consumers would switch to a cheaper monthly cell phone plan or cancel their cable television subscription rather than drop or reduce insurance coverage if they experience a job loss during 2009, according to a national survey released by Assurant Employee Benefits. Assurant Employee Benefits commissioned the survey in late March to better understand consumers’ concerns about losing dental, life and/or disability insurance coverage as the result of a job change or loss.
Nearly half of the survey respondents indicated they would be extremely or very likely to switch to a cheaper monthly cell phone plan (48%) or cancel their cable TV subscription (47%). Only three out of ten (29%) of respondents said they would be extremely or very likely to drop or reduce insurance options such as dental or disability coverage. Four out of ten (42%) said they would be not very or not at all likely to do so.
Interestingly, the survey found that employed consumers are more likely than those who are not employed to do the following:
- Switch to a cheaper monthly cell phone plan (55% compared to 39%, respectively)
- Cancel cable TV subscription (54% compared to 39%, respectively)
- Drop or reduce insurance coverage (33% compared to 25%, respectively)
The Caravan® survey was conducted by Opinion Research Corporation on behalf of Assurant Employee Benefits. The survey was conducted between March 27-30, 2009, and is based on telephone interviews with a national probability sample of 1,001 adults (18 years and over). The sample was comprised of 500 men and 501 women living in the continental United States. The margin of error for this study is plus or minus three percent, at a 95 percent confidence level.
About Assurant Employee Benefits
Assurant Employee Benefits specializes in quality employee benefits and services, including long-term and short-term disability, life and accidental death and dismemberment insurance, dental coverage, and disability reinsurance management services. Assurant Employee Benefits also offers voluntary (employee-paid) disability, life and dental plans. Products and services marketed by Assurant Employee Benefits are underwritten or provided by Union Security Insurance Company or an affiliated prepaid dental company. In New York, products are marketed by Assurant Employee Benefits and underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, New York. Plans contain limitations and exclusions. Underwriting flexibility allows Assurant Employee Benefits to market tailor-made benefit plans for groups of most any size. Assurant Employee Benefits is located in Kansas City, Mo. (www.assurantemployeebenefits.com)
Assurant Employee Benefits is part of Assurant, which offers specialized insurance products and related services in North America and selected international markets. Its four key businesses – Assurant Employee Benefits, Assurant Health, Assurant Solutions and Assurant Specialty Property – have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty market segments worldwide.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately 14,000 employees worldwide and is headquartered in New York’s financial district. (www.assurant.com)
Media contact:
Jacquie Hill, Public
Relations Specialist
Assurant Employee Benefits
2323 Grand Blvd.
Kansas City, MO 64108
Ph: 816.881.8968
jacquie.hill@assurant.com
