In case you don’t have disability insurance, here are some sobering facts and statistics that might make you want to go ahead and sign up for some.
- 3 in 10 Americans aged 35-65 will suffer a disability lasting 90 days or more. 1 in 7 will be disabled for five years or more.
- 12{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of the American population are classified as disabled, and 50{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of them are of working age.
- A disabling injury happens every second in America, on average, while a fatal one happens every four minutes.
- In order, the top three conditions that limit work are back problems, heart disease, and arthritis.
- 46{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of foreclosures result from disabilities.
- 62{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of bankruptcies come from the inability to pay for medical expenses.
- The average long-term disability claim lasts just shy of three years.
- A 30-year-old making $48,000 a year will have lost almost $1.7 million if they are disabled through the age of retirement. That doesn’t include potential pay increases over the years.
- The employment rate for people with severe disabilities is only 27.6{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe}.
- You’re three times more likely to become long-term disabled than to die while you’re of working age.
You might not suffer any sort of disability before you retire, but the results can be disastrous if you do. If you want to discuss your options for disability insurance, give us a call.