Long-Term Disability Insurance Statistics
Long-term disability insurance (LTDI) is essential for protecting individuals from loss of income due to severe health issues. Here are some key statistics:
- Approximately 1 in 4 individuals will experience a disability lasting longer than 90 days in their working lifetime.
- The Social Security Administration estimates that about 1 in 8 workers will become disabled before reaching retirement age.
- 44% of workers believe they have a chance of facing a long-term disability, yet only 32% have disability insurance.
- According to the Council for Disability Awareness, the average long-term disability claim lasts about 34.6 months.
- Mental health conditions account for over 30% of long-term disability claims, followed by musculoskeletal disorders.
- In 2020, the average monthly benefit for long-term disability insurance was approximately $1,500.
- Only 20% of employers offer long-term disability insurance, highlighting the need for individuals to seek private plans.
These statistics illustrate the importance of long-term disability insurance in financial planning and risk management. Individuals are strongly encouraged to assess their coverage options.