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New Survey Finds Overwhelming Majority of Working Americans Not Financially Prepared for Disability, Would Rely on Sources Other than Themselves for Support
Date:5/12/2008

May is Disability Insurance Awareness Month; LIFE Foundation Reviews Common Misconceptions to Encourage People to Evaluate their Disability Insurance

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ARLINGTON, Va., May 12 /PRNewswire/ -- If you were unable to work because of a long-term disability, how would you provide for yourself financially? The results of a new survey released today by the nonprofit LIFE Foundation show that nearly 80 percent of working Americans say they would turn to their employer or the government for financial support in the event of a disabling illness or injury, rather than disability insurance purchased on their own.

Released today in support of Disability Insurance Awareness Month, these findings suggest that far too many working Americans are leaving themselves financially vulnerable by not having the disability insurance protection they need.

"Most people have a false sense of security when it comes to being financially prepared for a long-term disability. The reality is the majority of workers do not have disability coverage through work, and disability benefits offered by the government, such as Social Security or Workers' Compensation, can be difficult to qualify for," said Matthew S. Tassey, CLU, LUTCF, past chair of the LIFE Foundation. "If you work for a living, you must recognize that your ability to work and earn an income is one of your most valuable assets and must be adequately insured. Disability insurance is the only coverage that will work when you can't, to replace your income in the event you become ill or injured and can't do your job."

Survey Findings

Conducted by KRC Research between April 4-7, 2008, the LIFE survey asked 520 working adult Americans (employed either full- or part-time) which source of financial support they would rely on most if they were to become disabled for one year or more. The LIFE Foundation reviews how consumers responded to help dispel some of the most comm
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SOURCE LIFE Foundation
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