Disability insurance: why your working clients should have it
By Lauren McNitt
It’s Disability Insurance Awareness Month, and I’m guessing many of your clients don’t have it. Here are some stats that might help them understand why DI is so important.
What is the chance of becoming disabled?
- More than 1 in 4 of today’s 20-year-olds will be disabled before they retire
- More than 36 million Americans are disabled, 12 percent of the population
- More than 50 percent of those who are disabled are in their working years
- One in eight workers will be disabled for five years or more during their working careers
- Ninety percent of workers rate their ability to earn income as valuable or very valuable, yet 65 percent say they could not cover living expenses for one year if they lost their employment income
- Three in 4 say they are concerned about being able to support themselves should they become disabled.
I’ll quote the LIFE Foundation: “A good rule of thumb is that if you work for a living, you need disability insurance. It's that simple.”
This includes people who don’t work in a job where injury is likely — 90 percent of disability claims are for common illness and health conditions, rather than injury.