Aug 31
Americans Unprepared for Disabilities
The National Association of Insurance Commissioners, NAIC, recently released a study if Americans’ perceptions of disability insurance. The NAIC found that more than half-56 percent-of U.S. adults said they would be unable to meet expensed and pay all their bills if they became disabled and unable to work for a year or more.
International Communications Research found that consumers have a rosy and optimistic view of their future. Only 13 percent of respondents said it was somewhat or very likely that they would become disabled and unable to work. The U.S. Social Security Administration’s findings sharply counter that assessment-20 percent of the country’s work force will become disabled for a year or more before reaching the retirement age of 65.
The study found that just 44 percent of those surveyed had long-term disability insurance, which helps replace some lost income. Of that number 71 percent acknowledged that their long-term disability insurance was provided through their employer, which suggests that many of them would lose their coverage if they suffered a change in employment status.
Becoming disabled will impact people’s ability to earn a living and remain financially independent. With a better understanding of disability insurance, people are better equipped to protect themselves in the wake of a disabling event.
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October 12th, 2007 at 1:29 am
I would bet that the actual number of people who could not last a year is significantly higher than 56%, and disability insurance could so easily bridge that gap… people tend to be rather clueless in this regard, I think. It really is an unfortunate case of people selling themselves on the mistaken idea that \”it can\’t happen to me.\”
Jerry
http://www.leads4insurance.com