New industry research reiterates the importance of offering adequate disability insurance coverage in the worksite market.

Only 5% of Baby Boomers correctly believe they have a 30% chance of becoming disabled due to illness or injury during their working years and just 12% of older Americans think they’re very likely to need long-term care, even though some data indicate the figure could be as high as 60%, notes Unum’s 2008 Buyers Study.

The findings, which combine information on economic and demographic trends with proprietary Unum sales data, also noted that half of all bankruptcies are attributed to injury, illness and medical bills, and few working Americans have enough savings to fall back on in a medical emergency.

In response to the second annual study of its kind, the disability insurance carrier recommends that employers present a variety of coverage options that meets employees’ diverse personal or family needs, develop a comprehensive plan to help educate employees on benefits options, provide clear, useful benefits communication and education, and offer individually owned voluntary benefits so employees can maintain the same coverage if today’s economic conditions bring a reduction of force.

“Too often, workers have to make decisions about which benefits they need and how much to spend on them without understanding the risks they face or the best choices to protect themselves and their families,” according to Mike Simonds, senior vice president and chief marketing officer for Unum U.S. “As employees become benefits decisionmakers, they also need providers and employers to give them useful information on how to make those choices.”