The Need for Disability Insurance
Dec 16, 2011
Jamie Fleischner

Jamie Fleischner

16 Dec, 2011

A disability can happen to anyone…at any time.

  • In the last 10 minutes, 490 Americans became disabled.
    – National Safety Council®, Injury Facts® 2010 Ed.
  • In 2008, there were 2.1 million disabling injuries caused by a motor vehicle accident; there were 39,000 fatal motor vehicle accidents. 
    – National Safety Council®, Injury Facts® 2010 Ed.
  • In the U.S., a disabling injury occurs every 1 second, a fatal injury occurs every 4 minutes.
    – National Safety Council®, Injury Facts® 2010 Ed.
  • In the home a fatal injury occurs every 12 minutes and a disabling injury every 3 seconds.
    – National Safety Council®, Injury Facts® 2008 Ed.
  • There is a death caused by a motor vehicle crash every 12 minutes; there is a disabling injury every 13 seconds.
    – National Safety Council®, Injury Facts® 2008 Ed.
  • The probability of a white-collar worker becoming disabled for 90 days or longer between the ages of 35 and 65 is 27% for men and 31% for women.
    – Millman, sponsored by Life and Health Insurance Foundation for Education (LIFE), “The Real Risk of Disability in the United States”, 2007 (http://www.lifehappens.org/pdf/Real-Risk-of-Disability-paper-FINAL.pdf)
  • 43% of all people age 40 will have a long-term disability event prior to age 65.
    – JHA Disability Fact Book, 2008
  • 51.2 million Americans have some level of disability. They represent 18% of the population.
    – U.S. Census Bureau, July, 2006
  • The number of disabled workers in America has risen by 35% since 2000.
    – Social Security Administration, 2007
  • Almost 3 in 10 workers entering the workforce today will become disabled before retirement.
    – Social Security Administration, Fact Sheet, January 31, 2007
  • In 2007, the employment rate of working-age people with disabilities in the U.S. was 36.9%.
    – U.S. Census Bureau, American Community Survey, 2007
  • A new Harvard University report reveals that 62 percent of all personal bankruptcies filed in the U.S. in 2007 were due to an inability to pay for medical expenses.
    – June 4, 2009. The American Journal of Medicine
  • Unfortunately, most Americans have little understanding of the likelihood of experiencing a disability. A recent CDA survey of workers found:
    • 90 percent underestimate their own chances of becoming disabled.
    • 85 percent express little or no concern that they might suffer a disability lasting three months or longer.
    • 56 percent do not realize that the chances of becoming disabled have risen over the past five years.
      – Council for Disability Awareness, 2007 Disability Awareness Survey

For more information about disability insurance or to request a disability insurance quote comparison, contact Set for Life Insurance.

 

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!