Disability

Most employees purchase auto and home insurance to protect their most valuable possessions, but often overlook protecting their most valuable asset – their earning potential. They may not understand the importance of insuring a portion of their income against the threat of disability. The likelihood of disability is greater than most people realize, and they often find that they are ineligible for benefits many of them might take for granted. Consider these statistics:

• Just over 1 in 4 of today's 20 year-olds will become disabled before they retire. U.S. Social Security Administration, Fact Sheet February 7, 2013
• Over 37 million Americans are classified as disabled; about 12% of the total population. More than 50% of those disabled Americans are in their working years, from 18-64. U.S. Census Bureau, American Community Survey, 2011
• 8.8 million disabled wage earners, over 5% of U.S. workers, were receiving Social Security Disability (SSDI) benefits at the end of 2012. U.S. Social Security Administration, Disabled Worker Beneficiary Data, December 2012
• In December of 2012, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits. U.S. Social Security Administration, Disabled Worker Beneficiary Data, December 2012
• 65% of initial SSDI claim applications were denied in 2012 (U.S. Social Security Administration, Disabled Worker Beneficiary Data, December 2012)

Find out more about the types of disability coverage you can offer your employees: Group Short-Term Disability: Can provide weekly benefits for employees who are disabled, usually for no more than 3-6 months. Group Long-Term Disability: Can provide monthly benefits for employees who are disabled, usually for up to several years, or even to age 65. Call or email one of our professionals today for more information.

Source: http://www.disabilitycanhappen.org/chances_disability/disability_stats.asp