Nearly Half of Consumers Don't Have Disability Insurance

05/12/2010

Family income, employer coverage and savings may not be enough to cover some of the expenses incurred by workers suffering from a disability.

However, these are the resources that nearly half of respondents in a recent survey by Principal Financial Services said they would rely on in the event of an injury. Three-fourths of these individuals gave a rating of eight or higher - out of 10 - for the emotional impact that such an event would have on them.

Despite understanding the emotional and physical toll a disability can have, 49 percent of respondents did not purchase the insurance necessary to cover their income, according to the survey.

"Many people recognize the emotional and financial impact of becoming disabled, but they tend to underestimate the consequences of not having adequate income protection," Kevin Farley, vice president of specialty benefits for Principal Financial Group, said.

In honor of Disability Insurance Awareness Month, Principal Financial has launched programs for both consumers and financial professionals to learn more about gaps in disability coverage and evaluate the available options. Those seeking to buy such policies may be able to do so through their auto, health, business or life insurance agent.

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