Millennial moms file most Unum short term disability maternity claims

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This influential generation is growing their careers, their families, and their need for benefits

In 2017, Millennial moms accounted for 77 percent of short term disability maternity claims for Unum UNM, the leading provider of disability benefits in the U.S.

"Millennials make up more than a third of the workforce and many of them have recently started or plan on starting a family soon," said Greg Breter, senior vice president of benefits at Unum. "We anticipate seeing these numbers hold steady or even rise in the years to come, which can have important implications for employers."

Short term disability insurance replaces part of a working mother's income for up to six to eight weeks, depending on the type of delivery. In 2017, Unum paid nearly $100 million in short term disability benefits to new mothers, helping them recover from delivery and bond with their newborns.

According to the U.S. Census Bureau, Millennials are the largest generation since Baby Boomers, with approximately 71 million people in the U.S. born between 1981 and 2000. By comparison, Generation X, born 1965 to 1980, has approximately 66 million people. Millennials are expected to overtake Boomers in population next year as their numbers swell (due to immigrant migration) to 73 million and Boomers decline to 72 million.

"Particularly among Millennial mothers who may be newer to the workforce, the financial assistance provided by short term disability insurance can make a huge difference," Breter said. "But the reality is that most working women aren't protected by short term disability coverage, and this can leave them exposed to financial risk as they step away from work to bond with and care for their newborn."

The U.S. Census Bureau estimates that around four million babies are born each year, with two-thirds born to mothers in the workforce. However, more than 40 percent of new working mothers won't receive paid leave.

According to a 2016 Pew Research Center study, 57 percent of parents with household incomes less than $30,000 who took parental leave say they took on debt to deal with the loss of income. About half (48 percent) say they went on public assistance or put off paying their bills (46 percent).

Millennial parents are also looking for more clarity and variety in the types of benefits their employers offer. A Unum micro-study in April 2018 of 65 Millennials who delivered or adopted a child in the previous year indicated that 48 percent found the understanding of their parental leave benefits to be somewhat or very difficult. When asked what they most desired from their employers, 72 percent said flexible hours upon their return to work; 62 percent desired paid parental leave.

See this link for more information on Unum's short term disability insurance.

About Unum

Unum Group (www.unum.com) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum's portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017 and provided $7 billion in benefits.

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