How disability insurance can provide security to the household finances

Disability Insurance

Consumer advocates and personal finance experts are trying to educate the public about its importance. For most people, throughout their working lives, the financial security of their family is based on their current income and not an asset that has already achieved its full value, making long term disability insurance a highly valuable and yet greatly overlooked element of any personal finance strategy. One of the most devastating events to a family’s finances is a disabled earner who cannot continue to work. This is the case at any point in…

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Report shows workplace disability insurance protects workers and saves taxpayers

A study commissioned by Unum, the leader in employee benefits, and performed by Charles River Associates, has shown that group disability insurance protects up to half a million families from poverty, and directly saves taxpayers and the government up to an estimated $4.5 billion every year. According to The Wharton School emeritus professor David F. Babbel, who is the Charles River Associates leader of the Insurance Economics Practice, the study “quantifies the immense economic value financial protection products such as disability, life and long term care insurance provide American workers.”…

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Disability Insurance: U.S. workers underinsured

A recent survey performed by The Hartford insurance company showed that over 50 percent of US workers are without disability coverage and the percentage continues to climb.  The research suggested that only 44 percent of U.S. workers have a form of long-term disability coverage, while 49 percent have short-term disability coverage.  When compared to 2010 the percentage for long-term disability insurance dropped by 3 percent and short-term disability insurance fell by 6 percent.  Executive vice president, Ron Gendreau for the Group Benefits at The Hartford said that “We are concerned…

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