The vast income gap is wreaking havoc on Americans, and if left unchecked, will only get further out of hand. But a new study suggests that public/private partnerships can help reduce them.
The study, “Embracing the income protection gaps challenge: options and solutions" from Zurich Insurance Group and the University of Oxford, highlights the growing risk of income protection gaps (IPGs), which it defines as “the reduction in household income caused by the death or incapacitation of an adult wage earner on whom the household relies, taking all public and private sources of replacement income into account.”
As Insurance Journal reports, the risk of one worker becoming disabled can put whole families at risk. As the study points out, “The pain of a prolonged spell of ill health can go well beyond bodily ailments. Chronic sickness, injuries, and other conditions that render an individual unfit to work can impact household budgets, savings, and retirement accounts.”
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