September 18, 2007 at 01:05 PM
Many U.S. adults who earn more than $100,000 per year lack disability insurance.
Researchers at Country Insurance & Financial Services, Bloomington, Ill., have published data on gaps in disability coverage in a summary of results from a recent survey of 3,000 U.S. adults.
When survey crews asked participants to compare the value of homeowners insurance, auto insurance and disability insurance, only 22% identified disability insurance as the most important type of insurance.
About 31% of African-American participants said disability insurance is the most important type of coverage, and they were the members of the only major subgroup in which more than 30% of the participants assigned the top-importance rating to disability coverage.
Higher income participants were more likely to have group or individual disability coverage than lower-income participants. But, even in the top income category, for participants with incomes over $100,000, only 71% of the participants said they had either group or individual disability coverage, and 14% said they either had no disability coverage or were not sure whether they had disability coverage.
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