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Released today in support of Disability Insurance Awareness Month, thesefindings suggest that far too many working Americans are leaving themselvesfinancially vulnerable by not having the disability insurance protection theyneed.
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"Most people have a false sense of security when it comes to beingfinancially prepared for a long-term disability. The reality is the majorityof workers do not have disability coverage through work, and disabilitybenefits offered by the government, such as Social Security or Workers'Compensation, can be difficult to qualify for," said Matthew S. Tassey, CLU,LUTCF, past chair of the LIFE Foundation. "If you work for a living, you mustrecognize that your ability to work and earn an income is one of your mostvaluable assets and must be adequately insured. Disability insurance is theonly coverage that will work when you can't, to replace your income in theevent you become ill or injured and can't do your job."
Survey Findings
Conducted by KRC Research between April 4-7, 2008, the LIFE survey asked520 working adult Americans (employed either full- or part-time) which sourceof financial support they would rely on most if they were to become disabledfor one year or more. The LIFE Foundation reviews how consumers responded tohelp dispel some of the most common misconceptions and encourage people toevaluate their disability insurance coverage needs:
Making sure you have sufficient disability income protection could be adaunting task if you had to do it on your own. Fortunately, there areresources available that can help. For more information and tools on how toget started, visit the disability insurance section of LIFE's website atwww.lifehappens.org/disabilityinsurance.
You'll also find an online calculator that allows you to determine foryourself about how much disability insurance you need. Just go towww.lifehappens.org/disabilitycalculator.
Afterward, consult with your human resources administrator at work or aqualified insurance professional in your community. They can explain yourvarious options and help you put together an insurance program that willprotect you in the event of a disabling injury or illness.
About Disability Insurance Awareness Month
Disability Insurance Awareness Month (DIAM) was created to get Americanworkers to think about the need to protect their greatest asset - theirability to earn an income. Held in May, DIAM is an industry-wide effort thatis coordinated by the nonprofit LIFE Foundation.
About LIFE
The Life and Health Insurance Foundation for Education (LIFE) was foundedin 1994 in response to the public's growing need for information and educationon life, health, disability and long-term care insurance. LIFE also seeks toremind people of the important role insurance professionals perform in helpingfamilies, businesses and individuals find the insurance products that best fittheir needs. To learn more about these topics, please visitwww.lifehappens.org.-- 35% say they would rely on employer-sponsored disability insurance coverage if they were to become disabled for one year or more. While coverage provided by employers is the main source of disability income protection in the United States, most employers don't provide disability insurance as an employee benefit. According to the U.S. Department of Labor, less than 30 percent of U.S. workers have access
