Few U.S. workers are prepared for the loss of income that would result if they were to become disabled, according to Northwestern Mutual Life Insurance Company.
Northwestern Mutual, Milwaukee, has published data supporting that conclusion in a summary of results from an October survey of 2,100 U.S. adults ages 21 and older.
Only 10% of adults age 21 have purchased disability income insurance, and only 30% have disability coverage through their employer. But 80% of the survey participants said they would be “devastated” if a disability prevented them from earning a living, Northwestern Mutual reports.
Researchers asked survey participants about the perceived likelihood of potential situations happening, the emotional impact of those potential situations, and the types of insurance they have purchased or currently own.