Kirkland, WA -- (ReleaseWire) -- 08/16/2019 --CEG Life Insurance Services, an independent agency located in Kirkland, warns of underinsurance single working women. Women in the areas of Kent, Portland, Salt Lake City, Seattle, and Tacoma may be underinsured.
A recent study has highlighted the issues with working women and their access to funds in the event of a long term disability. Long term disability insurance is lacking among all populations across the board. But, the "rainy day" fund to cover emergency expenses and living expenses while out of work due to disability is severely lacking amongst single working women.
Part of the long term disability insurance coverage hole is that only 41 percent of employers offer long term disability insurance as part of their benefit package. Workers who can't or don't go through their employers to obtain coverage must go to an insurance agency such as CEG Life Insurance Services. This may actually put them at an advantage. By getting their own long term disability insurance, they can choose the options they want and what works best for covering their expenses (employers typically offer policies with benefits that are taxable and do not provide the maximum benefit available to a worker). Other options can include Cost of Living Adjustments or Future Increase Options. Also, there are tax benefits to buying your own long term disability insurance where taxes are not due on the benefit payments if an individual pays 100 percent of their own premiums.
Single working females are the largest group, at 25%, that report themselves to be "extremely unprepared" in the cause of a disability lasting 3 months of more. Compare this to 11% of males and 20% of married females and the state of anxiety of single working women is evident.
One in four workers is expected to experience a disability at some point in their lifetime. With only 52% of single working women covered with long term disability insurance, the gap of those not able to cover expenses is larger than ideal. Part of the gap may be due to the lack of understanding of long term disability insurance. When asked if they knew how much long term disability insurance they should have, 23% of single working women said they did not know. Whether they are new to insurance or haven't given thought to what their coverage should be, this is a group at risk if they ever experience an event causing a long term disability.
Growing medical expenses, increasing costs of living, lack of emergency savings and more causes a growing crisis among single working women. As fewer employers are offering long term disability insurance as part of their benefits package, employees will have to look to agencies such as CEG Life Insurance Services for a solution.
About CEG Life Insurance Services
Located in Kirkland, WA CEG Life Insurance Services serves the areas of Kent, Portland, Salt Lake City, Seattle, and Tacoma. Since 1993, CEG Life has developed a strong network of top-rated companies, as well as a relationship with their underwriters so we can match every client to the right policy. That's the kind of professional service that experience delivers. Life insurance made easy: that's CEG Life.
For more information, please visit www.ceglife.com/