Final answer:
The statement that there is very little demand or need for individual disability insurance because most workers have employer-sponsored disability coverage, as well as eligibility for Social Security and worker's compensation, is false.
Step-by-step explanation:
The statement that there is very little demand or need for individual disability insurance because most workers have employer-sponsored disability coverage, as well as eligibility for Social Security and worker's compensation, is false.
While it is true that many workers have employer-sponsored coverage and are eligible for other benefits, individual disability insurance is still important. This is because employer-sponsored coverage might not provide adequate income replacement or cover all types of disabilities. Additionally, individual disability insurance can provide an added layer of protection in case a person becomes disabled and is no longer able to work.
For example, some employer-sponsored disability coverage only replaces a portion of a person's income, while individual disability insurance can provide a higher percentage of income replacement. Furthermore, individual disability insurance can cover disabilities that are not covered by employer-sponsored plans or worker's compensation. Therefore, individual disability insurance can still be valuable to ensure full financial protection in the event of a disability.