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Life insurance plans: Fixed multiple of annual earnings benefit formulas

Table 19. Life insurance plans: Fixed multiple of annual earnings benefit formulas, private industry
workers,  National Compensation Survey, March 2014

(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

10

22

4

1.3

1.0

Worker characteristics

             

Management, professional, and related

1

59

11

24

5

1.4

1.0

    Management, business, and financial

1

56

9

27

7

1.4

1.0

    Professional and related

61

12

22

1.4

1.0

Service

1

70

10

16

2

1.2

1.0

    Protective service

69

1.2

1.0

Sales and office

[2]

66

9

20

4

1.3

1.0

    Sales and related

77

7

13

1.2

1.0

    Office and administrative support

1

62

10

23

5

1.4

1.0

Natural resources, construction, and maintenance

1

65

11

21

3

1.3

1.0

    Construction, extraction, farming, fishing, and
     forestry

64

1.3

1.0

    Installation, maintenance, and repair

1

65

10

21

3

1.3

1.0

Production, transportation, and material moving

1

63

13

20

3

1.3

1.0

    Production

58

13

26

1.4

1.0

    Transportation and material moving

1

69

13

14

2

1.3

1.0

Full time

1

62

11

22

4

1.4

1.0

Part time

1

75

9

10

5

1.3

1.0

Union

2

69

9

15

5

1.3

1.0

Nonunion

[2]

62

11

22

4

1.4

1.0

Average wage within the following categories3:

             

    Lowest 25 percent

72

8

17

1.3

1.0

        Lowest 10 percent

68

1.3

1.0

    Second 25 percent

1

70

10

16

2

1.3

1.0

    Third 25 percent

1

60

12

23

4

1.4

1.0

    Highest 25 percent

1

59

10

25

6

1.4

1.0

        Highest 10 percent

1

57

9

27

6

1.4

1.0

Establishment characteristics

             

Goods-producing industries

53

11

31

1.4

1.0

    Construction

70

23

1.3

1.0

    Manufacturing

52

11

31

1.5

1.0

Service-providing industries

1

65

10

20

4

1.3

1.0

    Trade, transportation, and utilities

1

70

10

16

3

1.3

1.0

        Wholesale trade

50

20

25

1.4

        Retail trade

86

4

8

1.1

1.0

        Transportation and warehousing

66

20

2

1.3

1.0

        Utilities

67

1.4

1.0

    Information

64

8

21

1.4

1.0

    Financial activities

62

6

27

1.4

1.0

        Finance and insurance

63

5

27

1.4

1.0

            Credit intermediation and related activities

64

24

7

1.4

1.0

            Insurance carriers and related activities

57

5

34

1.4

1.0

        Real estate and rental and leasing

56

1.4

    Professional and business services

56

13

23

8

1.5

1.0

        Professional and technical services

55

12

21

12

1.5

1.0

        Administrative and waste services

67

1.3

1.0

    Education and health services

1

69

12

16

2

1.2

1.0

        Educational services

56

16

17

1.4

1.0

            Junior colleges, colleges, and universities

57

16

18

1.3

1.0

        Health care and social assistance

1

72

11

15

1

1.2

1.0

    Leisure and hospitality

76

1.2

1.0

        Accommodation and food services

83

1.1

1.0

    Other services

50

39

1.6

1 to 99 workers

59

12

24

1.4

1.0

    1 to 49 workers

62

11

21

1.4

1.0

    50 to 99 workers

54

14

29

1.4

1.0

100 workers or more

1

65

10

21

4

1.3

1.0

    100 to 499 workers

[2]

66

8

21

4

1.3

1.0

    500 workers or more

1

64

11

20

3

1.3

1.0

Geographic areas

             

Northeast

1

60

14

20

5

1.4

1.0

    New England

64

15

18

1.3

1.0

    Middle Atlantic

59

13

21

1.4

1.0

South

1

67

8

20

4

1.3

1.0

    South Atlantic

68

8

19

1.3

1.0

    East South Central

67

6

1.3

1.0

    West South Central

66

7

24

1.3

1.0

Midwest

57

12

26

1.4

1.0

    East North Central

57

12

26

1.4

1.0

    West North Central

56

11

27

1.4

1.0

West

66

9

20

1.3

1.0

    Mountain

72

13

3

1.2

1.0

    Pacific

62

24

7

1.4

1.0

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

2Less than 0.5.

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 ECEC data for March 2014.


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/glossary20132014.htm.