What Will Happen When Disability Strikes?
April 28, 2008 (Des Moines, Iowa) — If you become disabled and unable to work, how will your family pay bills? Half of all Americans say they would rely on personal savings or retirement savings to make up the difference, according to the latest results from the Principal Financial Well-Being IndexSM.
To help Americans protect their long term financial security, the Principal Financial Group® is collaborating with the nonprofit Life and Health Insurance Foundation for Education (LIFE) to promote Disability Insurance Awareness Month this May. During the month, Americans are encouraged to review their current disability coverage and to consider how a disability may impact their financial future.
"We’re seeing a frightening trend in America where individuals are relying on personal savings or retirement savings to protect against the unexpected, which can lead to devastating financial consequences. Americans are in denial of the likelihood of becoming disabled and therefore not protecting their most valuable asset, their ability to work and earn an income," said Jerry Patterson, vice president of marketing for the Principal Financial Group. "Disability Insurance Awareness Month is a great reminder of the importance of disability insurance as part of an overall financial plan."
Throughout May, The Principal® urges customers to learn more about their employer-sponsored disability insurance coverage and to consider individual disability insurance. Individual disability insurance can work in tandem with employer-sponsored coverage, to help protect a higher level of income or provide standalone benefits, if other disability benefits are not available. Meeting with a financial professional is often the first step in helping to develop an action plan for a secure financial future.
From Here to SecuritySM
To help identify an appropriate level of coverage, The Principal also offers an innovative program to educate consumers on disability insurance and to help them achieve financial security. This program is called "From Here to Security,SM"and it offers consumer education with easy-to-read guides to understanding disability and life insurance. The materials contain definitions, examples, statistics and a personal needs-analysis worksheet. Insurance calculators allow individuals to run "what if" scenarios to determine the appropriate level of coverage for their individual situation.
For more information about disability insurance or the From Here to SecuritySM program, contact your Principal Financial Group representative or visit www.principal.com/disabilitysecure.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)2 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune® 500, the Principal Financial Group has $311.1 billion in assets under management3 and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products and services issued by Principal Life Insurance Company.
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group
2) As of December 31, 2007
