THE RISK OF BECOMING DISABLED
Disability can happen to anyone. Anytime. Anywhere. No one plans to become disabled. If the unforeseeable happens, only proper planning with individual disability income insurance can help protect a portion of your earned income for the things that matter to you if you become sick or hurt and unable to work.
Disability Quick Facts
67% of american employees live from paycheck to paycheck,¹ without enough savings to cushion the financial impact a disability may cause.
Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.²
69% of the private sector workforce has no long-term disability insurance.³
Only a small fraction – 5% – of disabling accidents and illnesses are work related. The other 95% are not, meaning Workers compensation doesn’t cover them.4
Causes of Disabilities
It is not uncommon for people to assume that most disabilities are the result of accidents. In reality, the majority of disabilities people suffer are due to various forms of illnesses.
Age and Disability
As you grow older, your chance of suffering from a disability increases significantly. Note below that the percentage of the population that is disabled dramatically increases at approximately age 55.
Social Security Disability Benefit Facts
According to the u.s. census about 57 million, or 1 in 5 Americans, live with disabilities, and about 38 million or 1 in 10 has a severe disability. As stated it the chart below, only about 40 percent of applicants are awarded benefits under the law’s strict disability standard.
Of the 10,088,739 people receiving social security disability benefits, the majority were disabled workers —approximately 87.5%. With the average monthly benefit paid totaling at $981.72. 5
Conclusion
These statistics show that over the course of a person’s life, it is not uncommon for one to become disabled. What may come as a surprise to many is not only causes of disabilities but the potential financial loss associated with a permanent disability.
Disabilities can occur at any time. educating yourself is a good place to start to help you reduce your own personal risk of becoming disabled.
