No Safety Net: Only a third of consumers have disability insurance

Chattanooga-based Unum is the nation's largest provider of short- and long-term disability insurance. The company paid $5.6 billion in benefits to more than 525,000 individuals in 2014, according to Unum. / Staff file photo Chattanooga-based Unum is the nation's largest provider of short- and long-term disability insurance. The company paid $5.6 billion in benefits to more than 525,000 individuals in 2014, according to Unum. / Staff file photo

By Mike Pare November 1, 2015 4 min read

Unum Senior Vice President Greg Breter

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SHORT-TERM DISABILITYTop reasons people take leave:* 28 percent – pregnancy* 11 percent – injury* 7 percent – joint disorders* 7 percent – digestive issues* 7 percent – cancerSource: Unum

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LONG-TERM DISABILITYTop reasons people take leave:* 16 percent – cancer* 14 percent – back disorders* 11 percent – injury* 9 percent – cardiovascular* 9 percent – joint disordersSource: Unum

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DISABILITY BENEFICIARIESAverage age of beneficiary:* Short-term disability: 44 (up from 42 in 2005)* Long-term disability: 51 (up from 48 in 2005)Source: Unum

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DISABILITY INSURANCE COSTS* $255 – annual cost for short-term disability insurance* $290 – annual cost for long-term disability insuranceSource: Unum

Unum U.S. Senior Vice President Greg Breter recently received a customer comment describing the client’s experience with with the disability insurance coverage provided by the Chattanooga business.