The Realities of Disability: More Common Than You Think
Disability insurance might seem like a ‘just in case’ service you never use. However, the statistics suggest a different story. According to the U.S. Social Security Administration, 1 in 4 individuals over the age of 20 will experience a disability during their working years. That’s a significant 25% chance – higher than most people anticipate.
Illness vs. Accidents: A Surprising Fact
When we think of disability, accidents might come to mind first. However, 90% of long-term disabilities are actually due to illnesses, not accidents. This statistic from the Council for Disability Awareness highlights the need for a broader understanding of what can lead to disability.
Financial Vulnerability: The Struggle Without a Paycheck
Financial stability is a major concern for most working Americans. A revealing survey by Life Happens found that 7 out of 10 working Americans couldn’t survive a month without their paycheck before facing financial hardships. This underscores the importance of having a safety net like disability insurance.
Disability Insurance by the Numbers
|1 in 4
|U.S. Social Security Administration
|Probability of becoming disabled
|Council for Disability Awareness
|Disabilities caused by illnesses
|7 in 10
|Life Happens Survey
|Americans’ financial dependency on paychecks
Disability insurance isn’t just another expense; it’s crucial to safeguarding your financial future. Understanding the odds – a substantial 25% chance of experiencing a disability during your working life – is the first step. Recognizing that disabilities are more commonly caused by illnesses and the financial vulnerability most workers face without their regular income further highlights the need for disability insurance. With this knowledge, you can make an informed decision about protecting your income and future. Feel more secure about your financial well-being and plan for the unexpected. Contact us today for a free quote.
Request A Quote
Get help or a quote from a licensed financial professional. This service is free of charge.
Frequently Asked Questions
How does disability insurance differ from other types of insurance?
Disability insurance specifically covers the loss of income due to a disability, unlike health insurance, which covers medical expenses, or life insurance, which benefits your beneficiaries after your death. It focuses on replacing a portion of your earned income.
What are short-term and long-term disability insurance?
Who should consider getting disability insurance?
Anyone who relies on their income to support themselves or their family should consider disability insurance. This is particularly important for individuals with jobs with a higher risk of injury or those without a significant financial safety net.