May is Disability Insurance Awareness Month
Everyone knows someone who was sidelined from a job due to an unexpected injury or illness, and yet Disability Insurance (DI) is still one of the most overlooked types of insurance. The most common reason people tend to shy away from paying for DI is because they don't think it will happen to them, however we use the word unexpected for a reason. According to a Life Happens survey, "a person has a three in ten chance of suffering a disabling illness or injury that would keep them out of work for three months or more during their career".
So why aren't people protecting themselves, their family or their income? We think it's because advisors are not having the conversation. Here are the 6 most eye opening facts that should have your clients signing up for DI tomorrow.
Disability Insurance Facts
- Women are more likely than men to be out of work for more than 3 months. Because of increased risk of heart disease and child-birth, women are more likely to be out of work. Did you know that Maternity Leave is considered a disability and can be covered by short term DI?
Read More: Preparing for the Unexpected - Women and Chronic Illness
- Every 7 seconds someone in the U.S. suffers an illness or accident that will keep them out of work for more than one month. These unexpected events could happen to anyone at any time. Let your clients know that it is crucial for them to be protected in the event of something unexpected happening.
- Most Americans are better prepared financially to die than to become disabled, although the chances of disability are three to five times greater than death. Much like talking about life insurance, talking about DI can be difficult. No one wants to talk about death or serious illness/injury, however it is an important conversation to have.
- Back injuries and disorders are one of the most commonly cited issues for DI. This is not just limited to clients who have physical jobs. These injuries can pop up out of nowhere doing even the most common task.
- A 35-year-old has a 50 percent chance of becoming disabled for a 90-day period or longer before age 65. As the average retirement age pushes further and further back this is an issue that is only going to get more prevalent.
Read More: 12 Facts You Should Know About Disability Insurance
- 68% of Americans say that most people need disability insurance and yet only 30% have it. This number can change by having this conversation with your clients. Make sure that they are protecting their families and their livelihoods by preparing for the unexpected.
The Council for Disability Insurance Awareness put together this great infographic with more information.
Check out these other great resources to learn more about the importance of Disability Insurance.