Trends in Disability Insurance
Monday, December 21st, 2015
Would you place a bet if you knew you had more than a good chance of losing?
We didn’t think so.
Yet a huge number of Americans are betting on themselves never becoming disabled – despite statistics to the contrary.
An article from the Bureau of Labor Statistics reports that in 2014, only 33% of private industry workers participated in their company’s Long Term Disability insurance program
Compare that number to the likelihood of anyone becoming disabled during their working lifetime:
A typical female, age 35, 5’4″, 125 pounds, non-smoker, who works mostly an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has a 24% chance of becoming disabled for 3 months or longer during her working career; a 38% chance that the disability would last 5 years or longer, and with the average disability for someone like her lasting 82 months.(1)
A typical male, age 35, 5’10″, 170 pounds, non-smoker, who works an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has a 21% chance of becoming disabled for 3 months or longer during his working career; with a 38% chance that the disability would last 5 years or longer, and with the average disability for someone like him lasting 82 months.(2)
In other words, 67% of American employees are at risk if they should become disabled and unable to work.
We have two recommendations – and remember, we do not sell disability insurance:
1- If your employer offers disability insurance, buy it.
2- If your employer offers disability insurance and you have a policy, consider buying a private policy. If you have a certain lifestyle that you want to maintain, chances are that the policy from your employer will not be enough for more than the bare minimums.
And if your disability insurance has been denied, delayed or terminated, call our office at 877-LTD-CLAIM (877-583-2524).