A troubling number of Americans undervalue their paychecks and do not have disability insurance, according to the Life and Health Insurance Foundation for Education (LIFE).
Only 16 percent consider their paycheck their most important asset, according to a recent survey by the foundation, and fewer than one in three workers in the private sector have long-term disability insurance through their employers, according to U.S. Department of Labor statistics.
"Most people don't realize that they have a three in 10 chance of suffering a disabling illness or injury that could keep them out of work for three months or more," Marvin Feldman, president and CEO of the LIFE Foundation, said in a statement. "Disability insurance makes sure that financial hardship doesn't follow the physical and emotional toll that comes along with disability. It's insurance for your income. When you think about it, your most valuable asset isn't your home, car or jewelry. It's what allows you to pay for all these things--it is your paycheck."
In support of Disability Insurance Awareness Month in May, LIFE launched ProtectYourPaycheck.org to raise awareness about the importance of disability coverage. The foundation is also sponsoring an online contest inviting consumers to submit a photo and caption depicting a memorable moment made possible by their paycheck. The person submitting the best photo and caption will win a $500 gift card. Details are available on the website, which also includes calculators for determining how much disability insurance consumers need and information about disability insurance options.