At least 51 million working Americans don't have adequate income protection
Your Income:Your ability to produce it is your most important asset. Is it insured? What would you do without it?
One in three working Americans doesn't have adequate disability coverage2
90% of disability claims are for conditions caused by illness - such as arthritis, back pain and cancer2 - and the most common reason for short-term disability is pregnancy.3
On average, every year, nearly 6% of working Americans will have a short-term disability (six months or less) due to illness, injury or pregnancy.1
One in four of today's 20-year-olds will be out of work for at least a year due to a disabling condition before they reach age 67 (the typical retirement age)1
Approximately 38% of millennials (born between 1981 and 1996) aren't familiar with long-term and short-term disability insurance,4 and only one-third of millennials think short-term disability is important to financial well-being4
Wellness isn't just about health. Financial security is also important for times when life takes an unexpected turn. Without income protection in place,
many Americans experience severe financial difficulty when they need to miss work due to illness, injury or pregnancy.
Disability insurance can enhance financial wellness. It is available to individuals and small groups.
The greatest coverage per dollar is achieved by group disability when it is paid for by an employer.
And it is usually the least expensive employee benefit program. A short-term disability program acts like a sick-pay plan for employees who might otherwise feel
compelled to come to work when they should be at home working on getting better. Pregnancy certainly is not an illness or a disability.
But a short-term disability program can cover that too.
- American Council of Life Insurers. Assessing Americans' Financial and Retirement Security (September 2017): acli.com.
- Council for Disability Awareness. Chances of Disability (December 2016): disabilitycanhappen.org.
- Integrated Benefits Institute. Health and Productivity Benchmarking 2016 (released November 2017). Short-term disability, all Employers. Condition-specific results.
- Survey commissioned by Anthem, Inc. This report presents the findings of an online omnibus survey conducted March 21-22, 2018.
Data was collected among 2,317 U.S. adults across the country, ages 18+. All survey respondents work at a company with at least two employees.
Statistical significance testing for this survey was done at a 95% confidence level and the margin of error was +/- 3%.
This means that if we were to replicate the study, we would expect to get the same results within 3 percentage points 95 times out of 100.