Disability Insurance
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Disability Facts You Should Know:
Disability statistics
The problem is more widespread than you'd imagine.
- In just the past hour, almost 3,000 Americans became disabled. That's 49 every minute.i
- Over 51 million Americans - 18% of the population - are classified as disabled.ii
- Every :01 second another disabling injury occurs in the US. Every four minutes the injury is fatal. i
- Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire.iii
- • Nearly 7 million workers currently receive Social Security Disability benefits. Almost half are under age 50.
Disability causes severe financial hardship
How long could you afford to be without a paycheck?
- 350,000 personal bankruptcies every year are blamed on injuries and unexpected illnesses.iv
- A new Harvard University report reveals that 62 percent of all personal bankruptcies filed in the U.S. in 2007 were due to an inability to pay for medical expenses. v
Disability prevents people from earning a living
- Accident or illness will force 1 in 5 U.S. employees to miss work for at least a year before they turn 65.vi
- One in 7 of us can expect to be disabled for more than five years.vii
- The average long-term disability absence lasts 2½ years.viii
Few American workers are financially prepared
- Do you spend more than you earn? 44% of U.S. families do.ix
- Do you have private pension coverage? Most of us - over 50% - don't.
- Retirement savings? One-third of us have none.x And only 40% of adult Americans have savings earmarked for emergencies.xi
- 71% of American employees live from paycheck to paycheck,xii without enough savings to cushion the financial blow.
Think Social Security or Workers' Comp will cover it?
Think again.
- Can your family live on $1004 a month? That's the average monthly benefit paid by Social Security Disability Insurance (SSDI).xiii
- More claims are denied than approved.
- More than half of the 2.1 million workers who applied for SSDI benefits in 2005 were denied. Less than half - 39% - were approved.xiv
- Only a small fraction - 10% - of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers Compensation doesn't cover them.xv
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Disability Insurance