Statistics about disability insurance

Your ability to earn an income dictates your lifestyle. If you can’t work, then your standard of living can become seriously threatened. For some, government benefits, including Social Security, may not protect your financial well-being as much as many might believe.

Here are some interesting statistics about disability insurance:

— Two out of three families in America live paycheck to paycheck

— Seventy percent of families cannot be without a paycheck for more than one month

— Disability contributes to 48 percent of VA mortgage foreclosures

— One adult is unable to work due to disability in 17 percent of homes in the U.S.

Short- and long-term disability insurance is important and can help protect a family’s financial well-being when an employed member is not able to work due to injury or illness. Many employers provide group disability insurance for their employees, but if it is not available through work, it can be purchased by the employee on his or her own or even by those who are self-employed.

Every year, thousands of people file for benefits under their short- or long-term disability insurance policies. However, there are rules and regulations that both the insurance company and the person who is insured have to follow when a claim is made. If the insurance company fails to satisfy or comply with the terms of a policy, there could be a denial of the claim or a delay in benefits. This is when many employees choose to learn more about their legal rights from a lawyer who is experienced in disability insurance claim denials.

Source: Disability World, “Statistics: Disability Insurance,” accessed Sep. 09, 2016