LIFE Urges Americans to Think About Income Protection, Offers Tips for Obtaining Coverage
ARLINGTON, Va., May 1 /PRNewswire/ -- The results of a new survey show the historic recession has left many Americans with less in savings and investments -- and as a consequence, they are more vulnerable to serious financial hardship in the event they were to become sick or hurt and couldn't work. According to the nonprofit LIFE Foundation, more than a quarter (27 percent) of working Americans say they would have trouble supporting themselves financially "immediately" following a disability that keeps them out of work, while nearly half (49%) would reach that point in a month or less. Three out of four (74 percent) would face financial trouble within six months.
The LIFE Foundation released the survey findings to support Disability Insurance Awareness Month, a national campaign targeting the estimated 90 million U.S. workers who lack disability income protection.
"The survey focuses attention on the serious risks facing American workers trying to cope in this difficult economy without disability insurance," said Marvin H. Feldman, CLU, ChFC, RFC, president and CEO of the LIFE Foundation. "Now more than ever, it's critical for Americans to insure their ability to earn an income."
The LIFE survey also found that while a majority of Americans (66 percent) feel less financially secure than they did one year ago, only 17 percent of workers worry about the financial threat of becoming disabled and being unable to work. Their greatest concerns were tied to the economy, such as not being able to keep up with bills (55 percent), losing money in investments and savings (34 percent) and being laid off (20 percent).
"Many working Americans are not as concerned about the risk of a disability as they should be. What they don't know is that they stand a one-in-three chance of becoming ill or hurt and being out of work at least 90 days at some point in their career," said Feldman. "Without disability insurance, most people would face devastating financial consequences if they were to suffer a disabling injury or illness."
Money Saving Tips for Obtaining or Maintaining Disability Coverage
To encourage Americans to get the disability protection they need, LIFE offers four ways to obtain or maintain disability insurance coverage that meets your needs and budget:
For more helpful tips, tools and information on disability insurance, visit the disability insurance section of LIFE's website at www.lifehappens.org/disabilityinsurance.
About the LIFE Survey
The LIFE Survey was conducted by Kelton Research between April 2-7, 2009. The survey polled a nationally representative sample of 1,007 Americans, ages 18 and older, using an online questionnaire. The survey has a margin of error of +/- 3.1 percent.
About Disability Insurance Awareness Month
Disability Insurance Awareness Month (DIAM) was created to get American workers to think about the need to protect their greatest asset - their ability to earn an income. Held in May, DIAM is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. More information is available at www.lifehappens.org/diam.
The Life and Health Foundation for Education (LIFE) was founded in 1994 in response to the public's growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the importance role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.lifehappens.org.
CONTACT: Katharine Carver 212-445-8210 -or- Tai Green 212-445-8239
|SOURCE LIFE Foundation|
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