Life Insurance Quotes

Fewer people are carrying disability insurance

06/08/11

Almost half of all Americans have some form of short-term disability insurance, but only 44 percent have long-term disability insurance, according to a poll by The Hartford Group. Furthermore, 92 percent of people would have to make drastic life changes is they lost part of their income and only 25 percent of people completely understand disability insurance.

"We are concerned about the lower number of Americans who have coverage designed to provide a financial safety net," said Ron Gendreau, executive vice president of The Hartford’s Group Benefits. "Approximately two million Americans have experienced a disabling illness or injury so far this year. Based on our survey, about half of those workers will continue to have an income to help pay for expenses while they are recovering from their disability."

Disability insurance replaces a portion of a person's income if they are not able to work due to an illness or injury, according to SmartMoney.com. Group plans through employers will typically replace a certain amount of the injured worker's salary, while supplemental policies may cover a greater portion of the potential lost wages.

However, no plan will cover 100 percent of a person's salary, out of fear that they would have no reason to go back to work, the site reports.  

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote