April 12, 2019 | By Wendy Herndon for ThinkAdvisor
A car breaks down during rush hour. A computer malfunction wipes out a key presentation. An alarm clock does not ring on the morning of an important meeting. Inconveniences, yes, but not true disasters, no matter how terrible they may be at the time.
Consider these situations: An employee falls off the roof while cleaning gutters. Another is hospitalized after a major car accident. A third is diagnosed with a serious heart condition. These are all unfortunate situations, yet not in the least improbable — and each event qualifies as a true personal disaster.
Here is something else disastrous: Odds are that just one of those individuals would have supplemental disability insurance in place to help ease financial burdens during treatment and recovery. That is because according to a recent study by One America, only a mere 34% of American workers have disability coverage provided by their employer. Of this number, 43% said the reason for this lack of coverage was because it was not offered at the workplace.