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May is Disability Insurance Awareness Month.


Approximately every seven seconds, a working-age American suffers a disabling injury or illness that will last a month or more. Most are off the job. Nearly 57 million Americans are living with a disability.

As an insurance broker and benefits advisor, I talk to people and business owners daily about the real possibility of a disability. The question I ask is, "How long can you maintain your lifestyle without a paycheck"? It is a simple question. Many people say, "I have medical insurance".

Here are some facts. The chance of missing work for three months or longer as a result of an illness or accident is much higher than most employees realize. The risk is compounded by lifestyle, your profession, and other factors.

Did you know that more than 25% of today's 20-year-olds will become disabled before they retire? 

What is causing this rise in disability claims? Time is money and long-term disability ( 6 months to 1 year) can have a devastating effect on a person's financial situation. New statistics show 65% of today's workforce could not pay their bills for more than a year without an income. The average LTD claim lasts 2.6 years. A disability lasting 2.6 years translates to 135 weekly paychecks missed. If you take an average of $21.50 an hour that is enough money to buy six compact cars. 

The IRS regulates the amount of money that you can qualify for through disability insurance. You can receive a maximum of 60% of your gross income paid out monthly. Employers should look at disability as one of the top three benefit offerings that a prospective employee looks for in a permanent position. 
Posted 8:45 PM

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