People readily understand the importance of insuring their home, car and other possessions against damage or loss, but we rarely think about insuring ourselves — and our potential to generate income — in the same way. Fortunately, more employers are beginning to understand the value of disability income insurance — and more employees and prospective talent are as well.
Even though one in four adults will become disabled and out of work for at least a year at some point before reaching retirement age, according to the Social Security Administration, most of us think it will never happen to us. Without proper coverage, the cost to an individual or family can be devastating, and it also has a significant impact on business. Poor health, resulting in impaired performance or outright absences, costs U.S. employers $530 billion a year, according to the Integrated Benefits Institute.
