The State of Disability Today
In a recent presentation by the Council for Disability Awareness (www.disabilitycanhappen.org), a non-profit organization with the goal of educating the public about disability and how to financially prepare for it, President Barry Lundquist shared some important statistics. The overwhelming message was that workers are unprepared for the risks posed by disability. The following are some of his most poignant statistical data.
- According to a study by the Social Security Administration,
- 1 in 4 of today’s twenty-year-olds will become disabled before they retire.
- 12% of Americans are classified as disabled, while only 5% of Americans are eligible to receive
Social Security Disability Insurance (SSDI) benefits.
- 65% of initial SSDI claim applicants were denied in 2009.
- From 2008 to 2009, SSDI recipients increased by 21%. The main factors contributing to this increase were the poor economy, high unemployment rates and America’s aging working population.
- The average long-term disability claim duration is 31.2 months.
- More than 1 in 5 workers will be disabled for 5 years or more during their working careers.
- Approximately 95% of disabilities are caused by illnesses as opposed to accidents.
- 60% of adult Americans have no savings earmarked for emergencies.
I was a full time registered dental hygienist for 29 years before I was forced to retire due to a disability. Fortunately, I had purchased disability insurance. Because I had this insurance, I was not financially devastated by my loss of income. I had protected my paycheck with disability insurance. I had practiced in my last office for 23 years. I was happy there and had planned to retire when my dentist did. Then, one day without any warning, I started to experience pain in the thumb joint region in both hands. It was getting worse by the day.
Why Do You Need Life Insurance?
Life insurance isn’t for the benefit of the person who is insured, it’s for the insured’s loved ones. Your
family needs the guarantee of a comfortable financial future in the event that something should happen to
you. A good life insurance policy can help you meet that goal.
The primary purpose of life insurance is to enable your family to continue their current lifestyle when and if
you’re no longer around. It is also designed to help meet specific needs that your family will have in the
future. If you would like help or have questions about life insurance coverage or rates, call us for free at
800-287-4467 or click here for information
If You Become Disabled, How Are You Going To Pay Your Bills?
We can never anticipate when a disability will strike. Whether it is a car, household accident, a diagnosis
of heart disease or a herniated disc, unanticipated misfortunes are the reason it makes sense to have
disability insurance. This type of insurance replaces a portion of your income if injury or illness renders
you unable to work. If you have questions about disability insurance coverage, rates or would just like help
please call us at 800-287-4467 or click here for information..