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Trustmark Voluntary Benefits aims to redefine disability insurance

October 24, 2018
New product—Paycheck Protect—offers livability assurance, designed to redefine traditional disability income protection by offering innovative features and benefits that support the way people live, work and play. 

LAKE FOREST, IL – October 24, 2018 Trustmark Voluntary Benefits is seeking to redefine disability insurance by shifting the focus to “livability assurance.” It’s a fresh approach that will help consumers connect with the need for protection and, in turn, better help them through temporary setbacks. According to a survey by One America and The Harris Poll, two out of three employees don’t have disability insurance because they see themselves as active, vibrant and unlikely to become disabled. Armed with these findings and results from internal research, Trustmark Voluntary Benefits is pleased to address this need by introducing their innovative product, Paycheck Protect. 

“By focusing on ‘livability assurance,’ our goal is for healthy employees to better understand the value in protecting their paycheck,” said Pam Handmaker, senior director, product and innovation, at Trustmark Voluntary Benefits. “If something unexpected happens, Paycheck Protect helps ensure the employee won’t in turn face financial hardships. And for employers, it helps takes financial stress out of the workplace.” 

Extensive research drives new thinking

Trustmark Voluntary Benefits conducted research with employees and brokers to determine customer needs in the income protection market. The research uncovered that employees don’t really understand disability income insurance. And many employees said they didn’t think they would become disabled and, as a result, didn’t need protection. 

“Those employees kept commenting that they were wasting their money if they bought the policy and never used it. These individuals were frustrated by the perceived lack of reciprocity with the disability insurance, meaning they pay premiums but don’t realize any benefits if they stay healthy,” said Handmaker.

Employees who participated in the research consistently compared disability insurance to auto insurance, which typically offers claim-free bonuses to policyholders if they don’t have accidents. What’s more, employees who had used policies said they wanted more money and faster access to it to help manage the out-of-pocket expenses that arise from being out of work which aren’t covered by standard disability policies. 

Result: Innovative new features that will transform thinking; allow for more flexibility when providing options to employees

To change employee thinking about disability insurance, Trustmark Voluntary Benefits designed Paycheck Protect so that brokers can take a consultative approach with their clients and determine the right options for their employee population. Paycheck Protect provides more flexibility in the way policyholders receive benefits from, and see the value of, their policy. And enhanced customization for brokers and employers to tailor benefits for their employees.

Two new features (optional riders) pay benefits faster and reward policyholders who don’t have claims with cash back. The new “Jump Start” feature pays a one--time $500 payment for each claim to help with expenses before the benefit begins, and the new “Claim-Free Return” feature pays an automatic $100 check every two years employees don’t submit a claim. 

If an employee is unable to work due to a covered sickness or injury, they can receive cash to be used at their own discretion, helping to close income gaps until they can return to work. Employees can receive up to 60 percent of their monthly income. For employers, Paycheck Protect provides unparalleled flexibility through options that make sense for a wide range of employees.  Employers select the base coverage, then choose the features that best meet the needs of their employee population, including coverage for mental health, substance abuse, maternity, interim coverage and coverage for partial disability or on-the-job benefits. 

About Trustmark Voluntary Benefits 

Trustmark Voluntary Benefits listens to what employers and their employees care about most and then delivers innovative insurance solutions backed by exemplary service. For more information visit www.trustmarksolutions.com 

Media contact
Andy Jacobson
Director, Strategic Communications
952.897.5257
andy.jacobson@hfit.com
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