It's open enrollment season, which for many workers, might not mean much. That's a costly misconception.
Nearly half of all employees spend 30 minutes or less reviewing their benefits before enrolling, according to recent research by employee benefits provider Unum.
Michael Simonds, the president and CEO of Unum, recommends considering short-term needs, such as braces for your child, and the long term, as in life insurance. "This is where being informed is important," he said.
About Unum Group
Unum Group provides a broad portfolio of financial protection benefits and services through the workplace, and is the leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $11.6 billion in 2018 and paid $7.2 billion in benefits.
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