Hit Hard by the Economy, Americans Risk Knockout Without Disability... ( LIFE Urges Americans to Think About I...)

Hit Hard by the Economy, Americans Risk Knockout Without Disability Insurance

Date:5/1/2009

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 bec
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