Life insurance plans: Fixed multiple of earnings benefit formulas

Table 19. Life insurance plans: Fixed multiple of annual earnings benefit formulas, private industry
workers,  National Compensation Survey, March 2013

(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

63

11

21

4

1.3

1.0

Worker characteristics

             

Management, professional, and related

1

60

11

24

5

1.4

1.0

    Management, business, and financial

1

58

10

26

6

1.4

1.0

    Professional and related

1

60

12

22

5

1.4

1.0

Service

1

66

12

18

2

1.3

1.0

    Protective service

54

1.3

Sales and office

[2]

67

9

20

4

1.3

1.0

    Sales and related

78

8

11

3

1.2

1.0

    Office and administrative support

1

62

9

24

4

1.4

1.0

Natural resources, construction, and maintenance

63

14

20

1.3

1.0

    Construction, extraction, farming, fishing, and
     forestry

59

1.3

1.0

    Installation, maintenance, and repair

63

14

19

1.3

1.0

Production, transportation, and material moving

1

65

14

18

2

1.3

1.0

    Production

59

14

25

1.4

1.0

    Transportation and material moving

1

71

15

11

2

1.2

1.0

Full time

1

63

11

22

4

1.3

1.0

Part time

1

75

9

9

6

1.3

1.0

Union

2

69

10

14

5

1.3

1.0

Nonunion

[2]

63

11

22

4

1.3

1.0

Average wage within the following categories:3

             

    Lowest 25 percent

70

10

16

1.3

1.0

        Lowest 10 percent

72

1.3

1.0

    Second 25 percent

1

69

11

17

2

1.3

1.0

    Third 25 percent

1

62

12

22

4

1.3

1.0

    Highest 25 percent

1

59

11

24

5

1.4

1.0

        Highest 10 percent

1

56

10

27

6

1.4

1.0

Establishment characteristics

             

Goods-producing industries

53

13

28

1.4

1.0

    Construction

58

30

1.4

1.0

    Manufacturing

53

13

28

1.4

1.0

Service-providing industries

1

65

11

20

4

1.3

1.0

    Trade, transportation, and utilities

1

69

12

16

2

1.3

1.0

        Wholesale trade

50

21

24

1.4

        Retail trade

84

7

8

1.1

1.0

        Transportation and warehousing

68

11

19

1.3

1.0

        Utilities

61

20

1.5

1.0

    Information

65

10

16

1.4

1.0

    Financial activities

65

6

24

1.4

1.0

        Finance and insurance

66

24

5

1.4

1.0

            Credit intermediation and related activities

67

21

8

1.4

1.0

            Insurance carriers and related activities

62

4

31

3

1.4

1.0

        Real estate and rental and leasing

58

1.3

1.0

    Professional and business services

56

13

27

4

1.4

1.0

        Professional and technical services

57

12

25

7

1.4

1.0

        Administrative and waste services

65

1.3

1.0

    Education and health services

2

69

11

15

3

1.3

1.0

        Educational services

55

18

17

1.4

1.0

            Junior colleges, colleges, and universities

5

57

16

18

4

1.3

1.0

        Healthcare and social assistance

1

72

10

15

2

1.2

1.0

    Leisure and hospitality

73

1.2

1.0

        Accommodation and food services

78

1.2

1.0

    Other services

45

40

1.6

1 to 99 workers

62

11

22

1.4

1.0

    1 to 49 workers

66

9

18

1.3

1.0

    50 to 99 workers

53

15

28

1.4

1.0

100 workers or more

1

64

11

21

3

1.3

1.0

    100 to 499 workers

64

10

22

1.3

1.0

    500 workers or more

1

64

12

20

3

1.3

1.0

Geographic areas

             

New England

1

66

12

17

4

1.3

1.0

Middle Atlantic

2

60

13

20

5

1.4

1.0

East North Central

58

14

25

1.4

1.0

West North Central

58

13

22

1.4

1.0

South Atlantic

67

10

20

1.3

1.0

East South Central

62

11

6

1.3

1.0

West South Central

65

9

22

1.3

1.0

Mountain

76

12

1

1.2

1.0

Pacific

62

7

24

1.4

1.0

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

3Surveyed occupations are classified into wage categories based on the
average wage for the occupation, which may include workers with earnings
both above and below the threshold.  The categories were formed using
percentile estimates generated using data from the National Compensation
Survey publication, "Employer Costs for Employee Compensation - March
2013."

2Less than 0.5.


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/glossary20122013.htm.