Here's how many survey participantstold LIMRA and Life Happens they would use some suggested financialoptions to cope with the financial effects of a disability.(Credit:LIMRA and Life Happens.
LIMRA is participating in Disability Insurance Awareness Month 2020 byreleasing a new disability awareness fact sheet — and a batch ofdata from a survey it conducted with Life Happens.
|Life Happens, the Council for Disability Awareness and otherorganizations organize the annual awareness month campaigns to tryto remind Americans that the ability to earn a paycheck is the mostvaluable asset that most of them have.
|A link to the LIMRA Disability Insurance AwarenessMonth fact sheet is availablehere.
|LIMRA and Life Happens have joined to field the 2020Insurance Barometer Study survey.
|At one point, the participants were asked how they'd cope,financially, with a loss of the ability to work due to illness orinjury.
|About 50% of the participants said they'd live off of theirpersonal savings.
|Given how little most Americans have in personal savings, "thisstatistic underscores consumers' need for a reality check when itcomes to protecting their family's financial future," LIMRA says ina comment on the results.
|About 22% of the survey participants said they'd use thedisability benefits provided by their employers.
|Just 13% of the participants said they'd use individualdisability insurance — and 45% of the participants said theythought the only way to get disability insurance was through anemployer.
|Individual disability insurance ranked below every other optionin the LIMRA-Life Happens data, including "Don't know."
|Read more:
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
