Top 5 Disability Insurance Facts
1. Most Americans are better prepared financially to die than to become disabled, although the chances are at least three to five times greater of a disability occurring.
2. A 35-year-old has a 50 percent chance of becoming disabled for a 90-day period or longer before age 65. About 30 percent of Americans ages 35-65 will suffer a disability lasting at least 90 days during their working careers. About one in seven people ages 35-65 can expect to become disabled for five years or longer.
3. More than 375,000 Americans become totally disabled every year, and approximately 110 million Americans don't have long-term disability coverage. Approximately 8 million adults have some disability that limits or prevents them from working.
4. Nearly half (46 percent) of all foreclosures on conventional mortgages are caused by a disability vs. only 2 percent are caused by the homeowner's death.
5. Social Security Disability Insurance is available to people of all incomes, but only if they have worked at least 10 years before becoming disabled. The Social Security Disability Insurance program pays an average of $722 per month, and the disability criteria are so strict that only about 35 percent of those who apply for benefits actually qualify for them.
As you can see, these facts and statistics make it pretty clear that disability insurance should be a vital part of your personal risk management strategy. After all, your largest asset is your ability to earn an income, you need to insure that asset.
Contact one of your friends in the insurance business at Ieuter Insurance Group and let us help you design a disability policy that fits your individual needs.