Why Disability Coverage?

It Happens More Often Than You Imagine

  • In just the past hour, almost 3,000 Americans became disabled.That's 49 every minute.
  • Every :01 seconds another disabling injury occurs in the U.S.
  • Over 51 million Americans - 18% of the U.S. population - considers itself partially or totally disabled.
  • Nearly 7 million workers currently receive Social Security Disability benefits. Almost half are under age 50.

Disability Causes Financial Hardship

350,000 personal bankruptcies every year are blamed on injuries and unexpected illnesses.

Take Your Chances

A Reality Check...

  • 3 in 10 Americans entering the workforce today will become disabled before they retire.
  • 1 in 7 will be disabled for five years or longer.
  • The average long-term disability absence lasts 2 1/2 years

Depend on Your Savings?

More Reality...

  • 44% spend more than they earn.
  • 33% have no retirement savings.
  • Only 40% of adult Americans have savings earmarked for emergencies.
  • 71% would find it very difficult to meet current financial obligations if pay was delayed one week.
  • 50% do not have private pension coverage.

Will Social Security and Workers' Compensation Cover It?

The Facts Tell It...

  • Can your family live on $1,004 a month? That's the average monthly benefit paid by Social Security Disability Insurance.
  • 65% of initial SSDI applications were denied in 2009.
  • 90% of disabling accidents are not work related.

References:

    1. National Safety Council, Injury Facts 2008 Ed.
    2. US Census Bureau, Nov 2008
    3. Social Security Administration, Fact Sheet Jan 31, 2007
    4. "Illness and Injury as Contributors to Bankruptcy," Health Affairs, Feb 2, 2005
    5. The American Journal of Medicine, June 4, 2009
    6. Life and Health Insurance Foundation for Education, Nov 2005
    7. Commissioners Disability Table, 1998, Health Insurance Association of America, NY Times, Feb 2000
    8. Commissioner's Individual Disability Table A
    9. Federal Reserve Board, Survey of Consumer Finances 2004
    10. Social Security Administration, Fact Sheet 2007
    11. Consumer Federation of America national survey by Opinion Research Corp., Feb 2007
    12. American Payroll Association, "Getting Paid in America" Survey, 2008
    13. Social Security Administration, Fact Sheet 2008
    14. Social Security Administration, Office of Disability and Income Security Programs