New research from The Hartford finds a majority of single Americans would be hard hit financially by an unexpected health issue that kept them from working, but lack a basic safety net.
The Hartford Benefits For Tomorrow Study found 87 percent of singles would need to make lifestyle changes to meet expenses if they lost income for three to six months, yet 44 percent of single Americans have disability insurance.
“When you consider that singles make up about half of the U.S. population 1 that means a significant number of Americans are risking financial hardship by going without paycheck protection,” said Mike Fish, vice president of voluntary benefits for The Hartford. “Disability insurance obtained through the workplace costs on average about a dollar a day. That means for about the cost of a cup of coffee a day, workers can protect their finances and their independence from the impacts of a health issue.”
In the national poll, singles who don’t have disability insurance were asked what they would do if they could not work for six weeks or more due to a disability. They said they would:
- live off of their savings – 36 percent,
- withdraw from 401(k) – 23 percent,
- use credit, either cards or bank loan – 8 percent,
- ask for a loan from a friend or family member – 5 percent, and
- move back in with family, parents, brother or sister – 4 percent.
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