Some Interesting Information Illustrating The Need For Disability Insurance
According to the Society of Actuaries and The Commissioners Disability
Table, suffering a disability is much more likely than being in
an auto accident, dieing or having a fire in your home. What many
people do not realize is the odds of suffering a long term disability
during your lifetime are only increasing. As medical technology
improves, your chances of surviving an illness or accident increase.
Diseases that used to be a death sentence now only mean a period
of long term disability during which you recover from treatment.
Cancer is a perfect example of a disease that more people are
beating every day with better medical technology, however during
chemotherapy most people are not able to go to work every day.
Heart attacks used to kill a much larger percentage of people
than they do now, however after having surgery most people need
to take several months off.
Death - 1 out of every 106 people
Home Fire - 1 out of every 88 homes
Serious Auto Accident - 1 out of every 70 autos
Disability - 1 out of every 8 people (at least
8 days)
Additional Disability Insurance Statistics
In recent years 7 out of 10 claims for Social Security disability
insurance benefits were initially denied**
1 out of 7 employees will be disabled for 5 years or more before
retirement*
Between ages 35 and 65, seven out of ten people will become disabled
for three months or longer**
Disability is 16 times more likely than death to cause foreclosure***
*Commissioners Disability Table, 1998 , ** Senate Finance Committee,
1998, *** Federal Housing Administration
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