Life insurance plans: Fixed multiple of earnings benefit formulas

Table 20. Life insurance plans: Fixed multiple of annual earnings benefit formulas, private industry
workers,  National Compensation Survey, March 2011

(All workers with fixed multiple of annual earnings formula life insurance coverage = 100 percent)

Characteristics

Multiple of annual earnings amounts1

Mean
multiple of
annual
earnings

Median
multiple of
annual
earnings

Less than
1.0 times
earnings

1.0 times
earnings

Over 1.0
and under
2.0 times
earnings

2.0 times
earnings

Greater
than 2.0
times
earnings

All workers

1

60

13

22

4

1.4

1.0

Worker characteristics

             

Management, professional, and related

1

57

12

25

5

1.4

1.0

    Management, business, and financial

[2]

55

13

26

6

1.4

1.0

    Professional and related

1

58

11

25

5

1.4

1.0

Service

2

59

19

19

2

1.3

1.0

    Protective service

48

1.4

Sales and office

[2]

64

11

20

5

1.3

1.0

    Sales and related

73

10

14

1.2

1.0

    Office and administrative support

[2]

60

11

23

5

1.4

1.0

Natural resources, construction, and maintenance

2

61

12

22

3

1.3

1.0

    Construction, extraction, farming, fishing, and
     forestry

54

9

32

1.4

1.0

    Installation, maintenance, and repair

1

62

13

20

3

1.3

1.0

Production, transportation, and material moving

1

59

17

22

2

1.3

1.0

    Production

53

16

29

1.4

1.0

    Transportation and material moving

1

65

18

14

2

1.3

1.0

Full time

1

59

13

23

4

1.4

1.0

Part time

1

66

11

16

6

1.3

1.0

Union

2

67

9

18

5

1.3

1.0

Nonunion

1

59

13

23

4

1.4

1.0

Average wage within the following categories:3

             

    Lowest 25 percent

62

16

18

1.3

1.0

        Lowest 10 percent

67

1.2

1.0

    Second 25 percent

1

65

13

19

2

1.3

1.0

    Third 25 percent

1

58

13

23

5

1.4

1.0

    Highest 25 percent

1

57

12

25

5

1.4

1.0

        Highest 10 percent

1

53

12

29

5

1.4

1.0

Establishment characteristics

             

Goods-producing industries

1

49

15

29

6

1.4

    Construction

67

21

1.3

1.0

    Manufacturing

49

16

29

1.5

Service-providing industries

1

62

12

21

4

1.3

1.0

    Trade, transportation, and utilities

1

68

13

16

2

1.3

1.0

        Wholesale trade

48

24

24

1.4

1.5

        Retail trade

83

7

7

1.1

1.0

        Transportation and warehousing

63

14

20

1.3

1.0

        Utilities

49

37

8

1.6

    Information

61

8

21

9

1.4

1.0

    Financial activities

[2]

62

6

25

7

1.4

1.0

        Finance and insurance

[2]

63

4

25

8

1.4

1.0

            Credit intermediation and related activities

63

23

10

1.4

1.0

            Insurance carriers and related activities

64

29

4

1.4

1.0

        Real estate and rental and leasing

52

20

27

1.4

    Professional and business services

49

16

32

3

1.5

        Professional and technical services

51

14

30

5

1.5

        Administrative and waste services

49

20

31

1.4

    Education and health services

2

67

12

15

3

1.3

1.0

        Educational services

4

60

15

14

6

1.3

1.0

            Junior colleges, colleges, and universities

6

60

14

16

4

1.3

1.0

        Health care and social assistance

1

69

12

16

3

1.3

1.0

    Leisure and hospitality

59

28

1.3

1.0

        Accommodation and food services

58

31

1.3

1.0

    Other services

39

46

1.5

1 to 99 workers

1

56

13

24

6

1.4

1.0

    1 to 49 workers

1

57

12

24

7

1.4

1.0

    50 to 99 workers

[2]

56

16

24

4

1.4

1.0

100 workers or more

1

61

13

22

3

1.3

1.0

    100 to 499 workers

[2]

63

13

21

3

1.3

1.0

    500 workers or more

1

59

13

23

4

1.3

1.0

Geographic areas

             

New England

2

65

10

18

5

1.3

1.0

Middle Atlantic

3

56

16

20

5

1.4

1.0

East North Central

56

13

27

1.4

1.0

West North Central

55

13

24

1.4

1.0

South Atlantic

63

13

21

1.3

1.0

East South Central

56

20

20

4

1.4

1.0

West South Central

61

9

26

1.4

1.0

Mountain

71

11

15

1.2

1.0

Pacific

1

59

11

24

6

1.4

1.0

1Includes participants in plans in which insurance equaled a multiple of
earnings plus or minus a specified amount.

3The categories are based on the average wage for each occupation
surveyed, which may include workers with earnings both above and below the
threshold. The average wages are based on the estimates published in the
"National Compensation Survey: Occupational Earnings in the United States,
2010." See Technical Note for more details.

2Less than 0.5 percent.


NOTE: Because of rounding, sums of individual items may not equal totals.
Dash indicates no workers in this category or data did not meet publication
criteria. For definitions of major plans, key provisions, and related terms, see
the "Glossary of Employee Benefit Terms" at
www.bls.gov/ncs/ebs/glossary20102011.htm.