UFP Industries Employees: How Your Credit Score Influences Your Insurance Premiums

Healthcare Provider Update: UFP Industries partners with UnitedHealthcare as its healthcare provider for employee health insurance plans. As the landscape of healthcare costs shifts, upcoming changes in 2026 are raising concerns for employees and employers alike. Factors such as the impending expiration of enhanced subsidies from the Affordable Care Act (ACA), rising medical costs, and premium hikes from major insurers are expected to significantly inflate healthcare expenses. Preliminary estimates indicate many UFP Industries employees might face premium increases of around 20%, with some states reporting hikes over 60%. This combination is projected to thrust out-of-pocket expenses for enrollees upward, often by more than 75%, compelling both individuals and families to reassess their healthcare budgeting for the upcoming year. Click here to learn more

As an employee of UFP Industries you may find it interesting to know, one landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.

While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.

Several Factors

Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. We'd also like to remind our UFP Industries clients that other factors may be considered, depending on the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.

The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.

You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.

For UFP Industries employees who want to improve their credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.

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1. Predictive Analytics: Achieving Greater Decision Accuracy, Better Risk Segmentation, and Greater Profitability, Fair Isaac Corporation, 2012 (most recent statistics available).