Most employees probably purchase auto and home insurance to protect themselves. But they may not understand the importance of insuring a portion of their income against the threat of disability. The likelihood of disability is greater than most people realize, and they often find that they are ineligible for benefits many of them might take for granted. Consider these statistics:
- § Odds are as high as one in three employees will miss at least three months of pay due to injury or illness, and once disabled for 90 days, will have an average length of disability of two years. (UnumProvident and Harris Interactive, 2006)
- Nearly one out of three Americans between the ages of 35 and 65 will become disabled for more than 90 days. (American Council of Life Insurers, 2001 Life Insurers Fact Book)
- In 2003, 9.9 million American workers suffered disabling off-the-job injuries not covered by workers' compensation, while just 42,300 disabling injuries occurred on the job. (National Safety Council, "Injury Facts," 2004 edition)
- From 1965 to 2003, the Social Security Administration denied 57 percent of applications for disability benefits. (Social Security Administration, www.socialsecurity.gov, "Applications for Disability Benefits & Benefits Awards" as of February 12, 2004)
Find out more about the types of disability coverage you can offer your employees:
Group Short-Term Disability: Can provide weekly benefits for employees who are disabled, usually for no more than 3-6 months.
Group Long-Term Disability: Can provide monthly benefits for employees who are disabled, usually for up to several years, or even to age 65.
Call or email one of our professionals today for more information.