The Unum headquarters in downtown Chattanooga.Nearly a quarter of 20-year-olds and one-third of those between 35 and 65 will find themselves disabled before they retire, the government says.
Half of those disabled for more than three months remain disabled for more than two years, according to the Society of Actuaries – a significant financial burden for all but the wealthiest Americans.
But most won’t find out until their vacation days run out that their lost income isn’t covered by any insurance plan, said Tom Watjen, president and CEO of Chattanooga-based Unum.
“As we all know too well, since many Americans live paycheck to paycheck, most Americans are unable to live with lost income,” Watjen said.
In fact, a new survey shows that fewer than half of employees making less than $25,000 are offered disability insurance at work, and only 13 percent of workers say they know “a lot” about this type of insurance.