About 20% of U.S. residents will become disabled for a year or more before reaching age 65, but only 44% have have long-term disability insurance.
Officials at the National Association of Insurance Commissioners, Kansas City, Mo., have included those statistics in a notice urging consumers to think about the importance of disability insurance.
An NAIC survey found that 56% of U.S. adults said they would be unable to pay their bills or meet expenses if they became disabled and were unable to work for a year or more, and only 13% of adults said they believed it was somewhat or very likely that they could become disabled and unable to work.
About 71% of the consumers surveyed who do have LTD coverage get the coverage through their employers, meaning that they might be even more vulnerable to disability-related income loss if they change jobs or lose their jobs, officials say.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.