A study by the US Council for Disability Awareness (CDA) has found that nearly 52% of all single, working women, in the age group of 20 65 years, do not have any disability insurance coverage.
Of those who have disability insurance, only 55% say they have enough coverage. The survey, called ‘Disability Awareness Study’, was carried out on 2,200 participants.
The lack of disability insurance puts the majority of 32 million single women – who account for 25% American workforce – workers at high financial risk.
Among all single women, almost one in three said they were “extremely unprepared” for any period of disability in case they lose their income.
For those women without disability insurance, over half of them said that they never thought to get it or did not have enough knowledge about it.
The survey further revealed that over one in four of all women workers currently are expected to face a serious work disability before reaching normal retirement age.
CDA president Carol Harnett said: “We’ve always known that women had higher rates of disability throughout their working careers than men, excluding pregnancy. But we were surprised to see how few single women have disability insurance or other forms of income protection, or thought to get it.
“If you’re a single woman and don’t have disability insurance through your employer or private insurance, you need to put a plan in place to get income protection coverage.”
The survey was carried out by Greenwald Associates and sponsored by Lincoln Financial Group, The Guardian Life Insurance Company of America, Massachusetts Mutual Life Insurance Company, MetLife, and American Fidelity Assurance Company.