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The importance of group disability insurance

No matter if you are a company owner, human resources professional or employee, you need to learn as much as you can about the types of group disability insurance that are available.

Some people believe that purchasing group disability insurance is too expensive. Some employees wonder if they qualify or if they should spend the money on this type of coverage. As you learn more about the risks and statistics associated with a disability, what you believed in the past may not be what you believe in the future.

Most disabilities are caused by an illness as opposed to an accident. This can include but is not limited to cancer and musculoskeletal system diseases.

Here are some statistics, courtesy of The Standard, associated with the risks of disability:

— Approximately 25 percent of 20-year-olds will face a disability before reaching the age of 67.

— The average group disability insurance claim lasts for 34.6 months.

— 69 percent of those in the private workforce are not protected by long term disability insurance.

Statistics such as these show the importance of group disability insurance, both from the perspective of an employer as well as an employee.

Even when a person has the appropriate level of group disability insurance coverage, they never hope to be in a position to use it in the future. If this does happen, however, it is nice to know that you can collect money until returning to your previous level of health.

If a group disability insurance provider denies a claim, it is a must to learn more about your rights and how to fight this.

Source: The Standard, “Group Long Term Disability” Oct. 06, 2014

DarrasLaw is Americas' most honored and decorated disability litigation firm in the country. Mr. Darras has seen more, evaluated more, litigated more, and resolved more individual and group long term disability and long-term care cases than any other lawyer in the United States.

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