Are Women Less Prepared Financially Than Men When it Comes to Disability Insurance?

Long Term Disability

One in four American female workers will experience a disability before reaching retirement.

Disability insurance is a way to replace your income if an illness or injury leaves you unable to work, and yet most women — especially single women — aren’t prepared. ¹

According to a recent survey, one in three unmarried female workers is underinsured for disabilities. And more than half of single working women between the ages of 20 and 65 say they have no Disability insurance at all. Of those who have Disability insurance, three quarters of male survey respondents believe they are adequately insured, while just over half of women felt the same way.

Without the income protection that Disability insurance provides, single women may experience greater financial difficulty than those in two-income households. Alarmingly, experts estimate that about 32 million unmarried women workers — 25% of today’s workforce — are underinsured for a disability.

Not only are single women more likely to be underinsured, but an ongoing study of long term disability claims finds that women overall are more likely than men to become disabled during their working years.

Both men and women who depend on their income should explore putting an income protection plan in place. But if you’re a woman—and especially if you’re single—it may be even more critical to ensure you’re adequately protected.

¹ “10 Million Single, Female Workers at Extreme Financial Risk from a Disability,” 2019 Council for Disability Awareness Study, https://disabilitycanhappen.org/research/.

² Ibid.