Forbes: Debunking 5 Common Misconceptions about Disability Insurance
Stephen Brobeck, Executive Director of the Consumer Federation of America, is urging employers to educate their employees about the importance of disability insurance for financial protection. This comes in light of a report released by the Consumer Federation of America and Unum - the leading long-term disability insurance provider based on market share. The report highlights the crucial role of disability insurance payments in protecting recipients’ financial and emotional wellbeing. It’s noteworthy that these payments don’t replace the salary of recipients, rather provide a substantial percentage of it: usually about 60%.
The report crumbles five common myths about disability insurance. Firstly, it presents the Social Security Administration’s estimation that one in four 20-year-olds will become too disabled to work by the age of 67. Secondly, it emphasizes that most long-term disability claims arise from illnesses and not work-related accidents – contradicting the common misconception that worker’s compensation will always suffice. Thirdly, the report highlights that 60% of Unum’s long-term disability recipients over between 2009-2012 were women debunking the myth that it’s a man’s problem. The report also underscores that 41%of these recipients were under 50, debunking the myth about age and the need for disability insurance. Lastly, it dispels the notion that disability insurance is easy to get individually as it mentions that it’s more cost-effective through employer-sponsored coverage.
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