Are You Underestimating Your Need for Disability Insurance?

If you underestimate your risk of disability, you're not alone ... only 10% of individuals accurately estimate their chance of disability, according to a study by the Council for Disability Awareness. TMA Insurance Trust shares some startling statistics:

• One in 8 workers will be disabled for five years or more during their lifetime.
• The average group long-term disability claim lasts 34.6 months.
• 90% of disabilities are caused by illness, not accidents.

Short-term ("ST") disability policies cover six months of disability or less. It's typically better to build up cash reserves rather than pay a premium on a short-term disability policy. On the other hand, it is much more difficult to build enough cash reserves for a disability