A majority of U.S. adults know nothing about private disability insurance, according to results from a new online disability insurance literacy survey commissioned by Policygenius, a web broker that helps people get quotes for individual disability insurance online.
The participants were 2,353 U.S. adults ages 18 and older.
An outside survey firm presented a multiple choice question with descriptions for private disability insurance, major medical insurance, the government's Social Security disability insurance program, accident insurance and several other types of arrangements.
Just 36% of the survey participants gave the correct answer and showed that they understand that the product provides income for a person who has become disabled, not a lump-sum payment when someone suffers an injury, full payment for medical bills or something else.
What it means: If you have failed to discuss disability insurance with your clients, because you do not sell it or fear the clients will not be able to qualify for disability insurance, chances are that they will have no idea that private disability insurance exists or how Social Security disability insurance works.
