For a worker who becomes disabled, the difference between having disability insurance or not having it could mean the difference between staying in their home or living a bare-bones lifestyle.
However, the benefits of DI insurance can go beyond financial protection. A survey from the Consumer Federation of American and Unum Group Corp. found recipients had social, psychological and health-related benefits, too.
Continue to the next page to read more about the added benefits of disability insurance.
|Courtesy: Consumer Federation of American and Unum Group|
1. Disability insurance helps maintain a healthy emotional outlook.
Eighty-eight percent of recipients agreed that disability benefits helped them maintain a healthy emotional outlook.
Recipients were also able to maintain their self-esteem as a provider for their family (77 percent). Knowing their family would be provided for from the benefits reduced recipients’ feelings of stress (76 percent).
One recipient had this to say: “I probably would have gone off the deep end. My whole life was working. I think it probably saved my mental health as well. It would have been too much to bear with the health problems I have.” —Single female, 50+
2. Disability insurance helps maintain healthy relationships.
Recipients who were married or in a relationship said they were able to avoid strains on the relationship (77 percent) thanks to the LTD payments.
Benefits also helped their relationships with friends and family, in addition to being able to maintain their social life (65 percent).
In her response, a married/partnered female age 40-49 said: “Without the benefit payments there would have been home pressures. It was a significant stressor. I would have felt dependent, where I don’t have control of my life, trapped, child-like. If your self worth is tied into your job and you add home stress, it’s overwhelming. Loss of financial independence is devastating.”
3. Disability insurance contributes to better health.
Without having to worry about finances, disability payments enabled most recipients (66 percent) to concentrate on their health. Sixty-eight percent of recipients went so far as to say that their health would have gotten worse without their disability benefits.
A male under age 30 in a married/partnered relationship said: “We would have struggled financially and the stress it would have taken on our lives… I would have felt awful, scared, stressed.”