The need for disability
The scope of disability is wide. For working-age individuals, disability exists when a medical condition reduces a person's ability to perform his or her job duties.
A look at the odds
- Men have a 43% chance of becoming disabled during their working years; women have a 54% chance.
- 30% of all Americans between the ages of 35 and 65 will become disabled for more than 90 days according to the American Council of Life Insurers.
Statistically, your risk of being disabled is great. In a given year, the following events occur with the following frequency:
Event | Frequency |
|---|---|
Home fire | 1 out of every 88 homes |
Serious auto accident | 1 out of every 70 autos |
Death | 1 out of every 106 people |
Disability | 1 out of every 8 people |
The financial impact of not having insurance
- 46% of all foreclosures on conventional mortgages are brought about by a disability.
- Most families could not pay their living expenses for very long if a breadwinner became sick or injured without some kind of income protection benefit.
- With their income and health benefits gone, people can lose almost everything they have. Many land in bankruptcy court, where half the filers are there because of medical-related costs.
Are you covered by another program if you become disabled?
Sources for statistics:
EastBridge Consulting Group, Inc.
Health Insurance Center
Disability Bulletin June, 2005
SmartMoney July, 2005