The Basics of Disability Insurance

According to the Bureau of Labor Statistics, a 20-year-old worker has a 30% chance of becoming disabled before reaching full retirement age. Yet only about a third of employees in private industry have long-term disability insurance, according to the government agency. This is further underscored in research conducted by a major life insurer, which indicates that about two-thirds of surveyed Gen Y workers ages 21 to 31 are "very concerned about their family's financial security if the principle wage earner is unable to earn an income due to illness or injury", but only about half of these workers surveyed say they have any income protected with disability insurance.

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