{"id":21855,"date":"2024-05-15T22:00:05","date_gmt":"2024-05-15T22:00:05","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/05\/15\/number-of-people-with-individual-disability-insurance-stalls\/"},"modified":"2024-05-15T22:00:05","modified_gmt":"2024-05-15T22:00:05","slug":"number-of-people-with-individual-disability-insurance-stalls","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/15\/number-of-people-with-individual-disability-insurance-stalls\/","title":{"rendered":"Number of People With Individual Disability Insurance Stalls"},"content":{"rendered":"
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Few high-income U.S. clients have much protection against injuries or illnesses that could cost them the ability to earn a living.<\/p>\n

Only 3.1 million U.S. adults had individual disability insurance in 2023, according to new data from Gen Re<\/a>.<\/p>\n

The number with their own coverage was the same as in 2022. The number of people with new policies increased 4%, to 275,235, but policy lapses offset new policy sales.<\/p>\n

What it means:<\/strong> About 30 million U.S. adults live in households with monthly income over $17,000.<\/p>\n

The Social Security Disability Insurance program has a 2024 monthly benefit limit of $3,822, according to Evans Disability<\/a>.<\/p>\n

Only about half of U.S. employers offer group disability benefits programs, and the maximum monthly benefit at those is less than $10,000 per month.<\/p>\n

The figures suggest that about 90% of high-income clients who come to a typical financial professional will have no disability insurance or insurance that\u2019s too skimpy to replace 60% of the client\u2019s pre-disability income.<\/p>\n

If the group disability coverage lacks a portability provision, and a struggling client stops working before applying for group disability, the client may lose access to the group disability benefits.<\/p>\n

Gen Re:<\/strong> Gen Re is a reinsurer, or insurance company for insurers, that protects disability insurance issuers against catastrophic claims and big surges in claims.<\/p>\n","protected":false},"excerpt":{"rendered":"

Few high-income U.S. clients have much protection against injuries or illnesses that could cost them the ability to earn a living. Only 3.1 million U.S. adults had individual disability insurance in 2023, according to...<\/p>\n","protected":false},"author":1,"featured_media":21856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/number-of-people-with-individual-disability-insurance-stalls.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21855"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21855"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21856"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}