A new analysis from Charles River Associates finds that group disability insurance protects as many as 500,000 families a year, translating into direct savings of $4.5 billion for taxpayers and the government.

The analysis, which was commissioned by employee benefits group Unum, was released during a symposium held on July 27 by the Financial Services Roundtable, the American Savings Education Council, and the Aspen Institute.

“These benefits provide a financial safety net in the event of misfortune, helping the government avoid billions of dollars in public assistance payments as a direct consequence of the insurance,” said David F. Babbel, emeritus professor at The Wharton School and leader of the Insurance Economics Practice at Charles River Associates in a statement.