Disability Insurance is income protection for when one is too sick or hurt to work.
Did you Know?
Some Facts about Disability…
Disability is more common than you think, it can happen to anyone:
- A disabling injury occurs every two seconds.
- Three in 10 workers entering the work force today will become disabled before retiring.
- Over 6.8 million workers are receiving Social Security Disability benefits, almost half are under age 50.
Disability often keeps people out of work:
- An illness or accident will keep 1 in 5 workers out of work for at least a year during their working careers.
- One in 7 workers can expect to be disabled for five years or more before retirement
- The average long-term disability absence lasts 2.5 years.
Disability can cause financial hardship:
- Two-thirds of American families live from paycheck to paycheck.
- Unexpected illnesses and injuries cause 350,000 personal bankruptcies each year.
- Disability causes nearly 50% of all mortgage foreclosures, 2% are caused by death.
Social Security and Workers' Compensation may not be adequate:
- Over 90% of disabling accidents and illnesses are not work related.
- The average monthly Social Security Disability Insurance (SSDI) benefit is $978.
- Less than half - 39% - of the 2.1 million workers who applied for SSDI benefits in 2005 were approved.
Most American workers are not covered by disability insurance:
- Over 100 million workers do not have private disability income insurance.
- 70% of the private sector workforce has no long-term disability insurance.
