The Government Accountability Office reported that about 36,000 individuals were given $1.29 billion in excess disability payments over two years.
The Standard & Poor’s downgrade of the U.S. credit rating resulted in a similar slap for 10 U.S. insurance companies that back their life insurance, disability insurance and retirement products with strong holdings in Uncle Sam. The ratings agency lowered from AAA to AA+ the long-term credit and financial strength ratings on five U.S. insurers:
Disability throws a wrench into many people’s retirement planning. Three in 10 workers will become too disabled to work before they are ready for retirement, the Social Security Administration calculates. A study by Northwestern Mutual, which sells annuities and disability insurance, finds that a two-year disability at the age of 50 can reduce total investment
With health care reform commanding most of the insurance headlines lately, it is all too easy to place disability insurance on the back burner where we most prefer to keep life’s scary things. After all, health insurance sounds so optimistic. Health! Vibrancy! Viva la vida! And most of the high-profile handwringing, congressional and otherwise, has