Disability Insurance News
2006 Study: Working Class America's Disability Disconnect
A 2006 UnumProvident[1] - commissioned study, conducted by Harris Interactive®[2], surveyed more than 1,700 working U.S. adults about disability and financial planning. The survey found that while workers understand that some level of disability income protection is necessary, nearly two-thirds of workers remained uninsured – sadly overlooking this important element of financial planning.
The study points out that while 64 percent of working adults consider tangible assets, such as homes and vehicles, to be their most valuable assets, the average white-collar professional earns approximately $1.7 million by retirement age. This means that the intangible value of the paycheck is far greater than that of most tangible assets.
Furthermore, 42 percent of working adults would rely on savings to make ends meet during an extended period of disability or illness. However, the study found that the average American family maintained just $3,800 in savings – a sum that won't last long in the event of disability.