May 7, 2019 | By Katie Kuehner-Hebert – BenefitsPro
There are a number of myths that are causing many workers to not buy disability insurance, according to Prudential’s whitepaper, “Why Disability Income Protection Should Be Part of Your Financial Wellness Toolkit.”
While a majority of employers offer short-term disability and long-term disability benefits to their employees, only 38 percent of workers in private industry were participating in STD income insurance; 33 percent were participating in LTD income insurance, and more than 50 million U.S. workers don’t have disability income insurance.
“Prepared or not, most Americans are at least aware that they should attempt to save for emergencies and retirement,” the authors write. “Most, however, overlook taking the right steps to protect against one of the greatest threats to their overall financial security: being unable to earn a paycheck as a result of a short- or long-term disability.”