It’s alarming that only 10 percent of Americans are protected by an individual disability insurance
policy. Even more disturbing is that only six percent of working women have taken steps to protect their paychecks. Almost two-thirds of women have never investigated income protection products and almost as many have limited understanding of how disability insurance works.
Use these ABCs to make it more clear to your female clients, and their spouses, just how important paycheck protection is for working women.
A – Annually, more women than men suffer a disability.
Most new disability claims
are filed by women. In fact, 56 percent of filed disability claims are from women. Furthermore, according to the Council for Disability Awareness, the claim period for women is longer than it is for men.
B – Budgetary: Many households depend on women’s income.
We have become a nation of two income families. In more than 47 percent of two-parent households, both parents work outside the home. For many families, both paychecks are essential to support the family’s lifestyle. The female contribution to the family income is significant. Fifteen percent of married working mothers earn more than their husbands. In 40 percent of households with children, the woman is either the sole or primary provider according to Pew Research.
C - Common claim conditions most often affect women.
Rheumatoid arthritis is the condition cited most often. Musculoskeletal and connective tissue disorders is the number one category of disabling illness. In addition according to the American Autoimmune Related Diseases Assocation, of the more than 50 million Americans who suffer from autoimmune related diseases, 75 percent are women. Autoimmune diseases occur in women three times more than in men.
Reduce financial concerns with disability insurance
For women, the risk of disability is higher and the financial impact is more severe. Women are often less comfortable
with the financial risk of an interrupted income. They also have concerns about the sufficiency of their retirement assets, which may make Retirement plan disability insurance an attractive option.