The insurance science of disability

If you are young and healthy, you probably haven’t given much thought to disability insurance. Most workers in this age group can even dismiss it as negligible given their youth.

“Disability insurance? “Pay if I become disabled?” they might exclaim. “Well, this is coverage I don’t really need.”

If you were to speak to the professionals – those in the trenches when it comes to related liability and insurance claims – you would hear a very different story. In fact, the discussion would lead to you being so thankful you’re covered!

Deep down, everyone understands that any blessing we have in life should never be taken for granted. Car accidents, business accidents, home devastation – all these things happen. Likewise, no one can guarantee that illness or disease will not disrupt a life without them – regardless of the current station one is in.

Need more on this? Here are the sobering facts:

• 1 in 4 young people aged twenty has a long-term illness or injury.

• Each year, more than 700,000 salaried employees and white-collar workers receive disability benefits.

• In general, 1 in 15 employees each year files a short-term disability claim.

• Nearly fifty percent of all Americans don’t have the money to fund a $400 medical emergency.

• Breaking or breaking a leg can cause a work stoppage of three months or more.

• An application for long-term disability insurance takes on average longer than two years and six months.

• A work-related physical disability can result from a variety of factors, including chronic headaches, persistent back pain, cancer-related treatments, treatment, the birth of a new baby, loss of vision, heart disease, mental and emotional conditions and stokes, as well as other illnesses and situations .

• The median income of recent college graduates is approximately $1,101. Balance that with the average maximum long-term disability claim of $125,450 in loss of income.

With the data currently available on young working people, a disability that disables someone from work could have devastating consequences without proper insurance coverage.

Did you know?

• Thirty-five percent of young workers are experiencing difficulties meeting daily monthly expenses.

• Nearly 70 percent of all US citizens don’t even have $1,000 in savings.

• To make matters worse, 31 percent of people aged 18 to 30 have no savings at all.

Life has its financial responsibilities. This can include rent, mortgage, student loans, automatic payments, and more. Protect your income and ability to make ends meet by making sure you have protective compensation from disability insurance.