An interesting article from The Wall Street Journal highlights increasing consumer interest in disability insurance. This is attributed in part to lower prices for these insurance policies and to more people recovering and living longer after accidents or serious diseases such as cancer.
The article reports:
The renewed interest in disability insurance comes as disability rates are rising. Americans are recovering and living longer from accidents and diseases such as cancer, but they aren’t always able to go back to their jobs. And some research, such as a recent Hartford Insurance Co. study, suggest that rising rates of obesity and diabetes are leaving workers disabled at younger ages than in the recent past. Cancer was the No. 1 cause of long-term disability last year at the largest disability insurer, UnumProvident, the company says. Other top causes include complications of pregnancy, musculoskeletal diseases, back injuries and heart disease.
Many companies offer disability insurance to their employees to cover these types of injuries or complications, but private policies are gaining popularity.