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According to a new survey by the non-profit LIFE Foundation, 70% of working American adults say they could not afford to take off one month or less of unpaid vacation before everyday expenses would force them to return to work. Nineteen percent of the respondents said that two weeks would be the most they could afford to take off and not get behind on their bills. The same number of respondents said they could not afford to take one week off, while eight percent said they could not afford to take any time off.
So, why is it that most of us do not insure our ability to earn a living? “The reality is that most Americans lack the financial cushion necessary to weather an unexpected disability—which might stop your paycheck, but won’t stop your bills,” said David F. Woods, President of the non-profit LIFE Foundation. “People don’t think twice about insuring their home or their car, but millions overlook the importance of insuring their most valuable asset, their ability to earn a living. Having the right amount and kind of coverage in place can make the difference.”
Studies show that one out of every three workers over the age of 30 will have a disability for three months or more at some point in their career. Most insurance carriers will offer a Long-term Disability (LTD) or Short-term Disability (STD) plan on a voluntary basis as long as the group has a minimum of 10 employees enrolled. As an employer, you can help your employees by offering LTD and/or STD on a voluntary basis and allow the employees to pay for it. As an American worker, we simply can not afford to go without our income. So, we must insure our most valuable asset.
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