CHATTANOOGA, Tenn.,
Sept. 11, 2020 /PRNewswire/ -- More
than half (55%) of U.S. workers don't protect their income with
disability insurance. Seven out of 10 Baby Boomers also forego this
coverage,1 despite being more likely to need it. This
generation makes up nearly half (47%) of all long term disability
claims,2 according to internal claims data from Unum
(NYSE: UNM), a leading provider of disability insurance.
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"People are more likely to protect their homes, phones, or cars
than their most important asset: their income," said Chris Pyne, executive vice president of Group
Benefits at Unum. "But without a paycheck, they likely wouldn't
even have these other assets."
As for why people lack the protection, a third of workers (33%)
say they're healthy and don't need it, 29% say they can't afford
it, 11% don't see the value in it, and 10% don't know what it
covers.1 Of those who had to file a disability claim
within the past five years, 99% were glad they had disability
coverage.
Workers have a one in four chance of suffering a disability
before they retire, according to the Council for Disability
Awareness.3 Today, those chances could be higher
with nearly 6 million confirmed cases of COVID-19 as of
August
2020.4 The unpredictable
coronavirus pandemic underscores the need for disability
protection.
Disability insurance replaces a portion of a worker's income if
they are sick or injured and unable to work. It typically replaces
60 to 70% of an employee's paycheck, depending on the policy, and
is usually the most affordable when purchased through the
workplace.
"Choosing your benefits and deciding to enroll in disability
insurance is one of the most important financial decisions you'll
make in a year," Pyne added. "It's a safety net should you get sick
or injured and not be able to work and earn an income."
For more information on disability insurance, including common
drivers of disability, tips and best practices for HR professionals
in managing disability within their workforce, download a
disability guide at unum.com/disability-guide-2020.
About Unum
Unum Group provides a broad portfolio
of financial protection benefits and services through the
workplace, and is the leading provider of disability income
protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the
company provides disability, life, accident, critical illness,
dental and vision benefits that protect millions of working people
and their families. Unum also provides leave and absence management
services that streamline the leave experience for employers and
employees, and stop-loss coverage to help self-insured employers
protect against medical costs. Unum reported revenues of
$12 billion in 2019 and paid
$7.5 billion in benefits.
For more information, connect with us on Facebook, Twitter and
LinkedIn.
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1 Unum "Consumer Disability Study"
(2020) August 2020, administered by Dynata among 1,000 working
U.S. adults and 400 working U.S. adults who filed a disability
claim within the past five years.
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2 Unum, Internal claims data,
2019
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3 Council for Disability Awareness,
"The Crisis of Disability Coverage in America" (2018),
https://disabilitycanhappen.org/disability-statistic/ accessed
August 2020
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4 Center for Disease Control &
Prevention "Coronavirus Disease 2019: Cases in the U.S." (2020),
https://www.cdc.gov/coronavirus/2019-ncov/cases-updates/cases-in-us.html,
accessed August 2020
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SOURCE Unum