It seems that these days there is a day or a month to celebrate anything. National Take Your Dog to Work Day, National Ice Cream Day, National Hamburger Month, the list goes on and on. In our opinion, some of these celebrations deserve more attention than others, and this May, we’re celebrating National Disability Insurance Awareness Month
All month long, people are encouraged to take the time to learn more about disability insurance, the benefits, and how it can protect individuals and their families in a time of illness or injury.
About Disability Insurance Awareness Month
Disability Insurance Awareness Month was created by and is organized by the nonprofit Life Happens as a way to facilitate a more open conversation about disability insurance. Many people don’t think twice about insuring their car, their home or their health, but fail to insure their income which can quickly be taken away due to severe illness or injury. And while most individuals tend to think disability will “never happen” to them, according to a Life Happens survey, a person has a 3 in 10 chance of suffering a disabling condition that would keep that out of work for 3 months or more. Facts like these are what we try to share all year round, but particularly during May – Disability Insurance Awareness Month.
Here are a few additional facts to remember about why disability insurance is important:
Individuals 35 and older face a 50% chance of suffering a disability for a 90-day period before the age of 65
Many people think of a disability as happening to the elderly or the vulnerable, but half of Americans run the risk of experiencing a disability in their life. That’s a huge percentage—exacerbated by the fact that our economy is still on the rebound. Don’t run the risk of falling into financial troubles by putting off disability insurance.
More than 370,000 Americans become disabled each year
Since 110 million Americans aren’t covered by long-term disability insurance, it’s a good chance that the person who suffers a disability will not be covered for it. It’s all too true that further tragedy can fall against these individuals: nearly half (46 percent) of all real estate foreclosures on mortgages are caused by a disability.
The average disability insurance policy covers approximately 60% of a base salary
Although disability insurance doesn’t cover 100% of a salary it will—in most cases—prevent income-earner from becoming financially destitute. Plus, very affordable supplemental plans can be purchased to cover the remaining income.
It is especially important for the younger generation
Social Security benefits can be used during a period of disability, but that may not help a young workforce, which are still susceptible to disability. In fact, the tech industry (a relatively young industry) faces a high risk of carpel tunnel syndrome, which, if severe enough, can prevent a person from performing their job duties.
One year of disability could wipe out 10 years of savings
Even if you’re a diligent saver, that may not be enough to support yourself and your family in the event of illness or injury. If you were to save 10 percent of your income each year, which is an average amount, that could be wiped out in just one year of being out of work. Having a backup income source by utilizing disability insurance can help you make sure your future is secured.
Severe illness or injury can strike at any time, and it is important to protect yourself, your income, and your family’s future by exploring your disability insurance options. To get a free, instant quote for disability insurance, use our easy quote tool by clicking above.
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Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
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