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 2012

(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

61

11

23

4

1.4

1.0

Worker characteristics

             

Management, professional, and related

1

58

10

26

5

1.4

1.0

    Management, business, and financial

1

57

10

27

6

1.4

1.0

    Professional and related

1

59

10

25

5

1.4

1.0

Service

1

64

15

19

1

1.3

1.0

Sales and office

[2]

66

8

21

4

1.3

1.0

    Sales and related

76

8

12

1.2

1.0

    Office and administrative support

1

61

8

25

5

1.4

1.0

Natural resources, construction, and maintenance

2

57

14

23

3

1.4

1.0

    Construction, extraction, farming, fishing, and
     forestry

53

29

1.4

1.0

    Installation, maintenance, and repair

2

58

15

22

3

1.4

1.0

Production, transportation, and material moving

1

61

15

21

2

1.3

1.0

    Production

55

15

27

1.4

1.0

    Transportation and material moving

68

16

13

1.2

1.0

Full time

1

61

11

24

4

1.4

1.0

Union

2

65

10

18

4

1.3

1.0

Nonunion

1

61

11

24

4

1.4

1.0

Average wage within the following categories:3

             

    Lowest 25 percent

68

12

18

1.3

1.0

        Lowest 10 percent

84

6

1.1

1.0

    Second 25 percent

1

66

11

20

2

1.3

1.0

    Third 25 percent

1

60

11

24

4

1.4

1.0

    Highest 25 percent

1

58

11

25

5

1.4

1.0

        Highest 10 percent

1

55

10

28

6

1.4

1.0

Establishment characteristics

             

Goods-producing industries

1

51

14

29

5

1.4

1.0

    Construction

66

1.3

1.0

    Manufacturing

1

51

15

28

5

1.4

1.0

Service-providing industries

1

63

10

22

4

1.3

1.0

    Trade, transportation, and utilities

1

68

11

17

3

1.3

1.0

        Wholesale trade

46

22

24

1.5

1.5

        Retail trade

83

7

8

1.1

1.0

        Transportation and warehousing

65

10

23

1.3

1.0

        Utilities

54

3

30

1.6

1.0

    Information

60

10

19

11

1.4

1.0

    Financial activities

64

24

6

1.4

1.0

        Finance and insurance

64

24

7

1.4

1.0

            Credit intermediation and related activities

65

21

9

1.4

1.0

            Insurance carriers and related activities

62

3

31

4

1.4

1.0

        Real estate and rental and leasing

56

1.4

1.0

    Professional and business services

53

13

30

4

1.4

1.0

        Professional and technical services

55

11

27

7

1.5

1.0

        Administrative and waste services

56

24

1.3

1.0

    Education and health services

1

68

10

18

3

1.3

1.0

        Educational services

57

17

17

1.3

1.0

            Junior colleges, colleges, and universities

5

60

17

16

3

1.3

1.0

        Healthcare and social assistance

1

70

9

19

2

1.3

1.0

    Leisure and hospitality

74

1.2

1.0

        Accommodation and food services

80

1.1

1.0

    Other services

38

47

1.5

1 to 99 workers

1

57

11

25

6

1.4

1.0

    1 to 49 workers

62

10

21

1.4

1.0

    50 to 99 workers

49

13

33

1.5

100 workers or more

1

63

11

22

3

1.3

1.0

    100 to 499 workers

64

10

23

1.3

1.0

    500 workers or more

1

62

12

22

3

1.3

1.0

Geographic areas

             

New England

1

62

11

21

5

1.4

1.0

Middle Atlantic

2

60

12

22

5

1.4

1.0

East North Central

55

14

27

1.4

1.0

West North Central

56

11

24

1.5

1.0

South Atlantic

64

11

22

1.3

1.0

East South Central

58

24

6

1.4

1.0

West South Central

65

9

24

1.3

1.0

Mountain

75

8

15

2

1.2

1.0

Pacific

1

60

8

25

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.


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/glossary20112012.htm.