Disability

DISABILITY INSURANCE

Disability insurance pays an insured person an income when he or she is unable to work because of an accident or illness.

 

INDIVIDUAL DISABILITY INSURANCE, NEW ISSUES SALE, 2014 (1)

  Number of
policies
Percent change
2013-2014
Annualized
premiums
Percent change
2013-2014
Noncancellable 155,148 (2) $315,800,819 (3)
Guaranteed
renewable
298,702 7% 189,975,438 4%
Total 453,850 5% $505,776,257 1%

(1) Short-term and long-term individual disability income insurance. Based on a LIMRA survey of 18 personal disability insurance companies. Excludes commercial disability income.
(2) Less than one-half of one percent
(3) Less than one-half of negative one percent

Source: LIMRA International.

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  • Annualized premiums for new disability income policies rose by 1 percent in 2014, following a 2 percent increase the previous year.