A study by MassMutual Life Insurance Company commissioned a web survey of 1,023 U.S. career professionals to learn how they might react to a prolonged loss of income from disability.
The insurer asked Harris Interactive to compare reactions across occupations such as attorneys, accountants, engineers, marketing and advertising professionals, and other professional services executives to see whether attitudes varied by profession.
The MassMutual Benefits Barometer Survey: Disability Perceptions had three main goals: to rate emotional responses to long-term disability, to identify common reasons people don’t own Disability Income insurance, and to identify the financial resources different occupational groups could draw on if they were unable to work.
Advertising and marketing professionals reported the highest anxiety about becoming disabled: 66% said they would feel financially insecure, 26% said they would be unprepared emotionally, and 41% said they would be worried about being able to work again.
Attorneys and executives in professional services tended to be less emotional about a disability. Eighty-two percent of attorneys said they thought they would recover and return to work, though 70% said they would feel anxious about their financial future and 44% said they would feel like a burden to their families.
Engineers and accountants were the most dispassionate about the prospect of disability. Only 35% of engineers said they would feel a lack of financial security, and 27% of accountants said they would be worried about being able to work again.
When respondents were asked why they did not own Disability Income insurance, 44% said they didn’t feel they needed it, 30% said it was too expensive, and 27% said they were in good health. For consumers comparing options, information about Personal Disability Insurance can help explain typical features and benefit choices.
The survey also looked at what financial resources people could rely on during a disability. About 21% of attorneys said they could live on half their salary “for as long as they had to,” and attorneys were the most likely group to report having stocks, bonds, mutual funds, home equity loans or loans from family and friends to draw on. For individuals evaluating individual coverage, seeing options for Individual Disability Insurance may clarify how a policy could fit with other resources.
By contrast, advertising and marketing professionals were the least likely to report having investments or home equity available to tide them over until they could return to work.
If you are weighing whether disability coverage makes sense for your situation, compare the types of policies available and consider your savings, investments and family support, then talk to an agent about options that match your occupation and income needs.
Frequently Asked Questions
Why do people in some professions worry more about disability?
Attitudes can reflect income variability, access to employer benefits, and the perceived difficulty of returning to work in certain fields.
What are the common reasons people skip disability insurance?
Common reasons include believing they don’t need it, perceiving it as too expensive, or assuming their good health makes it unlikely they will need coverage.
How can I decide whether to buy disability insurance?
Assess your essential monthly expenses, emergency savings, other financial resources, and how long you could cover bills without earned income.
Are workplace disability benefits enough?
Employer plans vary in scope and duration, so many professionals consider supplementing workplace coverage with individual policies for greater protection.