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The Disability Divide: Employer Study
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Wednesday, August 13, 2014

A couple years ago the Council for Disability Awareness (CDA) (http://www.disabilitycanhappen.org/) conducted a study of 553 human resource professionals with key responsibilities for purchasing, recommending and communicating about employer benefits programs. Companies ranged widely in size and scope and all participants in the study were well versed in non-medical employee benefits. The results are still useful in today’s disability insurance market.

The study sought to define the difference between what employees believe and what human resource (HR) professionals assume employees believe about disability.

Researchers found that a high majority (84%) of HR professionals understand that the ability to earn an income is an employee’s greatest financial asset. Only 26% of participants, however, felt that employees were well prepared to financially weather a catastrophic disability.

This study demonstrates a major difference between HR professionals and employees in understanding what constitutes a disability and when an employee may need to draw insurance benefits. While HR professionals had a strong understanding that repetitive motion injuries and serious illnesses cause the majority of long-term absences from work, employees erroneously placed a higher likelihood of disability on accidents.

There was congruity between HR professionals and employees in that both parties severely underestimate the chances of becoming disabled. Neither group imagined that the chances of becoming disabled between the ages of 20 and 65 are as high as 25%.

You can read the entire report here.

It is important to clear up misconceptions about disability and necessary insurance coverage for your clients, whether they are representing a corporate entity and have the authority to purchase group disability insurance or are savvy individuals that seek your advice on being adequately covered. When you can help your clients see the importance of adequate disability insurance coverage, you’re helping them secure a stable future - no matter what it holds.



 
 
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