Tuesday, December 06, 2011

Disability Insurance Update

My friend Jeremy Fink (of Assurity Employee Benefits) recently sent along the latest report from the Council for Disability Awareness on its 2011 survey regarding long-term disability (LTD) benefits.

The survey, of about 75% of the players in the LTD market, includes surprising information:

■ $8.3 billion was paid out in long-term disability claims (that's about a point higher than 2009)

About 587,000 disabled folks received LTD payments (up slightly over '09)

Fifty-six percent of participating carriers reported increased claim incidence from 2009 to 2010 (most suggested this was a result of the Obamaconomy)

Unfortunately, fewer employers even offered LTD benefits than in the recent past

The top cause of new claims, representing just shy of 30% of them, was for Musculoskeletal system and connective tissue diseases (which was also the top cause for existing claims)

[Click here for the complete report.]

Think you don't need disability insurance?

Think again:

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