HARTFORD, Conn.--(BUSINESS WIRE)--According to new research1 from The Hartford, 49 percent of U.S. workers have short-term disability insurance and 44 percent have long-term disability insurance. This represents a drop of 6 percent and 3 percent, respectively, over last year’s survey in the number of Americans with the coverage that provides an income if one cannot work due to an illness or non-work related injury.
“We are concerned about the lower number of Americans who have coverage designed to provide a financial safety net,” said Ron Gendreau, executive vice president of The Hartford’s Group Benefits. “Approximately 2 million Americans have experienced a disabling illness or injury so far this year.2 Based on our survey, about half of those workers will continue to have an income to help pay for expenses while they are recovering from their disability.”
The Hartford’s national survey also found:
- 92 percent of Americans would need to make lifestyle changes if they lost part of their family income for three to six months;
- 75 percent of consumers base their buying decisions on their fear of experiencing an unexpected financial hardship; and
- Only 25 percent of workers completely understand disability insurance.
“People understand the importance of insuring their home,” Gendreau said. “Yet by not protecting their paycheck, consumers are essentially putting their home at risk. Consider that losing your income for two years can be the financial equivalent of losing your home.”
Americans can estimate their paycheck protection needs by using The Hartford’s calculator.
About The Hartford
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading provider of insurance and wealth management services for millions of consumers and businesses worldwide. A Fortune 150 company, The Hartford is consistently recognized for its superior service and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-M
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2010 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
1. An independent market research agency retained by The Hartford conducted an online survey polling more than 1,000 U.S. adults, aged 18-64, in March 2011.
2. Council of Disability Awareness disability counter