Here's how many survey participants told LIMRA and Life Happens they would use some suggested financial options to cope with the financial effects of a disability.(Credit: LIMRA and Life Happens.
LIMRA is participating in Disability Insurance Awareness Month 2020 by releasing a new disability awareness fact sheet — and a batch of data from a survey it conducted with Life Happens.
Life Happens, the Council for Disability Awareness and other organizations organize the annual awareness month campaigns to try to remind Americans that the ability to earn a paycheck is the most valuable asset that most of them have.
A link to the LIMRA Disability Insurance Awareness Month fact sheet is available here.
LIMRA and Life Happens have joined to field the 2020 Insurance Barometer Study survey.
At one point, the participants were asked how they'd cope, financially, with a loss of the ability to work due to illness or injury.
About 50% of the participants said they'd live off of their personal savings.
Given how little most Americans have in personal savings, "this statistic underscores consumers' need for a reality check when it comes to protecting their family's financial future," LIMRA says in a comment on the results.
About 22% of the survey participants said they'd use the disability benefits provided by their employers.
Just 13% of the participants said they'd use individual disability insurance — and 45% of the participants said they thought the only way to get disability insurance was through an employer.
Individual disability insurance ranked below every other option in the LIMRA-Life Happens data, including "Don't know."
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
