According to the Social Security Administration, nearly seven out of 10 workers, or about 100 million people, do not have long-term disability coverage.
Independent and insurance industry data suggest far more workers will need the protection than have it. The SSA estimates that more than one-quarter of 20-year-olds will be disabled at some point in their working careers. The Insurance Information Institute, a provider of industry-funded research, says 43 percent of workers age 40 will suffer a disabling event lasting 90 days or more by the age of 65.
Employers are, of course, required to provide some disability protections in the form of workers' compensation coverage. But data from a 2014 LIMRA study show that 90 percent of disabling accidents or illnesses are not work-related, and therefore not covered by workers' comp.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
