American workers do not have enough disability insurance

Brent Adams

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According to the Social Security Administration, the odds are very high that an estimated 30 percent of American workers will be affected by a disability in their lifetime. However, in spite of these high odds, Americans are making no plans for income alternatives. According to a recent survey by Country Insurance & Financial Services only 3 percent of workers have paid for enough disability insurance to replace their income. One third of those workers have said that if they become disabled, none of their income will be replaced.

Many consumers said that if they become disabled, their current standard of living would not be able to be maintained for any time period. One third of the responders said that if they were unemployed due to disability, they could preserve their standard of living for 90 days.

One out of every three individuals will rely solely on the government to support them if they become disabled. However, according to the Social Security Administration, less than half of all disability claims are approved. Social Security provides benefits to those that are "insured," meaning that they have worked long enough and paid into the program to receive their benefits. SSI pays individuals based on financial needs. However, the approval process is a lengthy one with quite a bit of documentation