Global disability insurance industry expected to hit $9.2 billion by 2031

Disability Insurance Growth 2031

A recent report has shown that there will be considerable growth in this market over the next few years. A recent report published by ResearchAndMarkets.com predicted that the disability insurance market is expected to reach $9.2 billion by 2031. The report showed that there is expected to be a CAGR of 11 percent from 2022 through the end of 2031. The report was titled “Disability Insurance Market by Insurance Type, By End User, By Coverage Type: Global Opportunity Analysis and Industry Forecast, 2021-2031.” It showed that the market was valued…

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Disability insurance challenges face many long COVID patients

Disability Insurance - Claim Form

Employees are experiencing claims denials when applying for short- or long-term benefits in these cases. Workers who are battling with long COVID have found that they are also struggling with their disability insurance, as many claims for short- and long-term benefits have been denied when they involve that condition. Even short-term claims that are approved are often later denied for long-term benefits. According to a recent CNBC report, experts have found that disability insurance policyholders who are approved for short-term benefits can still find it difficult to receive long-term benefits.…

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Disability insurance payments paid by SSA to ineligible recipients

Disability Insurance News

These individuals have received $1.3 billion which they were not entitled to obtain and the SSA hopes to recoup some. Estimates released from the Government Accountability Office (GAO) has shown that the Social Security Administration (SSA) has issued approximately $1.3 billion in disability insurance payments to individuals who were not eligible to receive them. This figure was calculated based on an analysis of SSA data for beneficiaries from December 2010 to January 2013. The analysis was conducted on the SSA data regarding the individuals who were recipients of disability insurance…

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Disability insurance covers three quarters of U.S. workers through social security

Disability Insurance benefits US workers

According to the latest report, 76 percent of American employees have this coverage. The latest report that has been issued by Allsup has revealed that approximately three in every four workers in the United States, or 76 percent, had coverage through Social Security disability insurance benefits in 2012. This helps to underscore the importance of building an understanding of the role of work history. Last year, among workers between the ages of 20 years and full retirement, there were approximately 195.1 million workers who made up the American workforce as…

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Disability insurance refunds coming to New York

Disability Insurance

New York acquires refunds for disability insurance policies New York Governor Andrew Cuomo has announced that Zurich American, a leading insurance firm, will be providing refunds to disability insurance policyholders throughout the state. The refunds come due to Zurich running afoul of a state regulation that requires the insurer to pay no less than 60% of the premiums it collects on claims. Zurich was unable to meet this standard and will begin issuing refunds on disability insurance policies over the next month or so. Refunds signify strong regulatory action Governor…

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Disability insurance struggles arising from application increase

Disability Insurance

As a growing number of Americans seek assistance, the program is facing serious challenges. It is now being estimated that the Social Security Administration’s funds to cover the costs of disability insurance will have been entirely spent in four years’ time. This will mean that the benefits will shrink for over 9 million disabled workers and their families. Income taxes will be providing enough money for only 79 percent of the disability insurance benefit, which will mean that – assuming the same number of individuals remain covered by the program…

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Disability insurance should not be overlooked for financial health

Disability Insurance

The consequences of leaving it out of future planning can be expensive. As important as disability insurance may be, it is among the most forgotten forms of coverage in a financial plan over the long term. The importance of homeowners, auto, health, and life policies are far better known. It is important to recognize, however, that disability insurance is the coverage that you will need if you should ever be forced to leave your work for a period of time due to illness or injury. This is the protection that…

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