Forty Two percent lack Disability Insurance
According to Michale Fradkin, of the Metropolitan Life Insurance Company, nearly half of all workers do not have income replacement insurance. The exact number is 42 percent and of the individuals falling into this statistic, none have either STD (short term disability) insurance coverage or LTD (long term disability) insurance coverage.
Long term disability coverage often picks up where short term disability insurance leaves off and can pay, in most cases, about two thirds of a worker's income that has been lost due to the inability to work as the result of an injury or illness.
How important is it to have this type of insurance? Very. According to federal information provided by HUD, about thirty percent of individuals who are currently age 20 will become disabled to some extent, in some form, before they reach retirement age. And, in most cases, this will not be due to a workplace accident that workers compensation might conceivably pay for, but, rather, due to cancer, heart disease, or a joint related problem (typically degenerative disc disease or arthritis of some form). And also, according to HUD, most home foreclosures are due to such situations.
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