OKLAHOMA CITY, Okla., May 30, 2017 (SEND2PRESS NEWSWIRE) — The average American Fidelity Assurance Company long-term disability is nearly three years. Even though one in five adults experiences a long-term disability, most Americans are ill-prepared to cover expenses if they are unable to work (note 1). The average American could not cover a $400 emergency without selling some of their possessions and 69 percent have less than $1,000 in savings (notes 2, 3).
According to the Bureau of Labor Statistics, median weekly earnings of full-time workers in the U.S. in the fourth quarter of 2016 were $849 (note 4). Based on that weekly earning amount, workers would need $132,444 in savings to cover the lost income from the average long-term disability claim length of three years. On top of that, they would need funds to cover any medical expenses not covered by major medical insurance and their co-pay and/or deductible.
American Fidelity provides Disability Income Insurance to help protect Customers if they can’t work due to a covered injury or sickness. It provides steady benefits to cover expenses, paying a percentage of the Customer’s gross monthly earnings. American Fidelity provides disability insurance and many other supplemental benefits through employers in the education, municipal, auto and healthcare industries.
One teacher recently learned of the benefits of Disability Income Insurance as she prepared for surgery. “I was so surprised to find that my benefits would cover my extended recuperation even though it was summer time. Teachers don’t take the summer ‘off,’ as they have mandatory trainings, planning sessions and continuing education classes. Unfortunately, my medical condition was going to make me ineligible for these salary earning opportunities. Having surgery is very stressful. The fact that I did not face financial worries at the same time is priceless.” Deborah Sullivan, Seneca Valley High School, Germantown, Maryland.
Learn more about Disability Income Insurance at: https://americanfidelity.com/for-individuals/employee-benefits/disability-insurance/.
About American Fidelity:
American Fidelity Assurance Company is a supplemental benefits provider with a focus on offering a different opinion for Customers in education, municipality, auto retail and healthcare. It serves more than 1 million Customers across 49 states. More information can be found at https://americanfidelity.com/.
American Fidelity has earned an “A+” (Superior) from the A.M. Best Company since 1982. One of the nation’s leading insurance company rating services, A.M. Best conducts a strict review process for financial stability every year.
American Fidelity has recognized as one of the “100 Best Companies to Work for in America” by global research and consulting firm Great Place to Work(R) and Fortune Magazine 11 times.
The Company was also selected for several other lists by Fortune in the past year, including, Best Workplaces in Finance and Insurance, Best Companies for Giving Back, Best Workplaces for Women, Best Workplaces for Diversity and the Human Capital 30: Companies that Put Employees Front and Center.
Contact:
Lindsey Sparks
Senior Public Relations Specialist
Lindsey.Sparks@americanfidelity.com
405-523-5901
Melody Wortmann
Assistant Vice President, Corporate Communications, Creative Services and Culture
Melody.Wortmann@americanfidelity.com
405-523-5979
NOTES — Sources:
1. Center for Disease Control and Prevention, April 20, 2015 https://www.cdc.gov/ncbddd/disabilityandhealth/features/key-findings-community-prevalence.html
2. Federal Reserve, May 2016 https://www.federalreserve.gov/2015-report-economic-well-being-us-households-201605.pdf, page 9
3. GOBankingRates.com Survey 2016 https://www.gobankingrates.com/personal-finance/data-americans-savings/
4. Bureau of Labor Statistics, Jan. 24, 2017 https://www.bls.gov/news.release/pdf/wkyeng.pdf
ESB-5796-0517
News Source: American Fidelity Assurance Company
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/more-than-two-thirds-of-americans-not-prepared-for-disability/
