By way of reader Nat Harward, here's even more news-you-can-use. In my post last week, I posited that disability income insurance (DI) is "valuable, but undersold and underbought." Nat tells us that, according to a recent LIFE (Life and Health Insurance Foundation for Education) survey:
■ 25 percent of workers cannot say for certain whether they have disability insurance coverage.
■ Of those who say they do have coverage through their employer, a majority cannot pinpoint how much they have.
■ When asked about what percentage of their salary would be paid to them if they were to become disabled, 39 percent had no idea and wouldn’t guess while 21 percent greatly overestimated their coverage, supposing policies would pay anywhere from 70 to 100 percent.
In a way, that's even more troubling, because it gives folks a false sense of security. And it's really not difficult to find out if one has such coverage, and how much it would actually pay. If one works for a large employer, a call to HR should do the trick; if not, why not ask the boss?
And if you haven't already, please check out the original post on this.
■ 25 percent of workers cannot say for certain whether they have disability insurance coverage.
■ Of those who say they do have coverage through their employer, a majority cannot pinpoint how much they have.
■ When asked about what percentage of their salary would be paid to them if they were to become disabled, 39 percent had no idea and wouldn’t guess while 21 percent greatly overestimated their coverage, supposing policies would pay anywhere from 70 to 100 percent.
In a way, that's even more troubling, because it gives folks a false sense of security. And it's really not difficult to find out if one has such coverage, and how much it would actually pay. If one works for a large employer, a call to HR should do the trick; if not, why not ask the boss?
And if you haven't already, please check out the original post on this.
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