DIAM: Employees underestimate chances of becoming disabled, and their need for income protection

May is Disability Insurance Awareness Month, and it’s no secret that Americans could use some education about this coverage and how not having any can have severe consequences in the event of a significant non-work injury or illness.

Employees who choose not to enroll in nonmedical benefits, like disability insurance, often say they don’t need the coverage. In fact, more than one in four 20-year-olds will experience a disability for 90 days or more before they reach 67, according to the Social Security Administration.

Almost 6 in 10 workers who opt out of disability insurance claim they don’t need the coverage or that it isn’t worth the cost, according to LIMRA data, but 75% of employees say they would have trouble paying for basic living expenses after several months if they became disabled and were unable to work.

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