According to a new survey by the National Association of Insurance Commissioners (NAIC), 56% of Americans claim they would be unable to pay their bills or meet their expenses if they were to become disabled and could not work for a year or longer. 13% of respondents said it was likely they would become disabled at some point and be unable to work. However, data from the Social Security Administration show that 20% of Americans will become disabled and unable to work for at least a year.
While Social Security benefits may provide some income replacement for disabled Americans, chances are the benefits may not be sufficient. Privately owned disability insurance can help bridge that gap. Less than 40% of Americans own any long-term disability coverage.