How is Your Income Protected?
Disability insurance is designed to protect you from the loss of income in both the short term and long term.
When workers were asked by the Council for Disability Awareness (CDA) what is most valuable in helping achieve long-term financial security, 53% said their ability to earn a living. Yet when the CDA asked them how long expenses could be paid in case of a disability, 48% answered three months or less.
So earning an income is the number one priority, but it is what workers are the most unprepared for losing. Statistics show that 3 in 10 American workers will become disabled before retiring — and 1 in 7 will be disabled for five years or more. Those numbers are surprising, if not shocking.
To make matters worse (as shown in the chart below, data provided by the CDA) disability claims are on the rise.
So to summarize, what workers fear most is not being able to earn an income. What workers are the most unprepared for is losing an income. Statistics show there is a high probability a worker will become disabled at some point during his/her career. And finally, the number of disability claims is increasing each year.
Need to sit down for a minute? For now, read on to learn the particulars and how we can structure your plan so that it costs you less money — while your employees potentially can get the insurance benefit tax free!
