May is National Disability Insurance Awareness Month. Having a national focus on disability is important because in the United States, a disabling injury occurs every second; whereas, a fatal injury occurs every four minutes.
We often overlook the importance of insuring one of our most valuable assets – our ability to earn an income. Did you know that during the course of your career, you are three and a half times more likely to be injured and need disability coverage than you are to die and need life insurance? If this isn’t reason enough to schedule an appointment to review your disability insurance, here are some others:
Did you know…….
- 1 in 4 of today’s 20 year olds will become disabled before they retire
- The average long term disability absence lasts 2.6 years
- A Harvard University Report reveals that 62% of all personal bankruptcies filed in the United States were due to an inability to pay medical expenses due to a disability
- 36 million Americans are classified as disabled, representing 12% of the population. More than 50% of those are still in their working years between the ages of 18-64.
- Less than 10% of disabling accidents and illnesses are work related and therefore would not be covered uner a workers’ compensation policy.
Of course, having a discussion on disability insurance doesn’t have to limited to the month of May. This discussion should be had all year round. Do you know people in your life who have a family to take care of? Bills to pay? A home to maintain? We all have financial obligations. Could you support those obligations on $1,132 a month? That is the amount of the average monthly Social Security Disability Insurance payment as of 2013.