Less Companies Providing Long-Term Disability for Workers
The amount of companies providing long-term disability insurance for their workers has declined, new data shows.
According to data from the Life Insurance and Market Research Association, only 48 percent of U.S. companies paid for long-term disability insurance for their workers in 2009. That number is down from 59 percent in 2002. The industry association also says most group policies pay no more than 60 percent of base salary if illness or injury prevents an individual from working.
Typically group policies cap payments between $5,000 and $15,000 a month, according to LIMRA. Any Social Security disability payments are typically deducted from the amount a group policy pays an individual.
The chances an individual will become disabled, either for a short term or long term, are nearly 1-in-5.
If you need assistance securing long-term disability benefits, please contact the Indiana Long Term Disability Lawyers of the Hankey Law Office, at (800) 520-3633.