You are a healthy active person, who tries to eat right, exercise, and doesn’t engage in dangerous hobbies or activities. Like most Americans, you would never think that you could become too sick or injured to go to work each day. Your ability to get up and go to work every day is one of the most important aspects of your life. The paycheck you earn allows you to pay your mortgage or rent, utilities and put food on the table for your family. It also allows you to enjoy vacations and provide a future for your family and yourself such as college education, and retirement.
But, do you know what the chance is of an injury or illness preventing you from working? Let's take a look at a couple disabiity insurance statistics.
- More than one in four 20-year-olds today will be unable to work due to an illness or injury for 1 year or more during their life before retirement.1
- For all age groups, about 3 out of every 10 workers who will suffer an illness or injury that last 90 days or more.1
Yet, most people never believe they will never be that person. And if they have ever considered it, most feel as if a car accident would be the reason they would not be able to go to work and earn a paycheck. Let’s take a moment to look at the top 5 reasons (disability insurance statistics) for long term disability claims.
Top 5 Causes for Long Term Disability Claims1
Musculoskeletal Disorders account for 29% of long term disability claims. These include disorders affecting the back, spine, knees, hips, shoulders, etc.
Cancer is 15% of long term disability claims
Pregnancy, and complications of, accounts for 9.4% of long term disability claims
Mental and Nervous disorders, such as anxiety, depression, bipolar disorder, etc. are 9.1% of long term disability claims
Injuries account for 9% of all long term disability claims
Chances are you probably can think of someone you know – or maybe even more than just one - while in their working years, who has experienced one of these disorders or injuries. While we do not want to think about ourselves as ill or injured, the reality is that if we can happen to someone you know, it can also happen to you. So how do you plan for this unexpected event, so that if you are one of the 3 in 10, you are ready financially?
Planning for the Unexpected
A 2014 study showed that 15% of all bankruptcies were due to illness or injury of either you or a family member responsible for paying the bills.2 How do you make sure this does not happen to you? What are your options?