Tuesday, May 30, 2023

The Insurance Science of Disability

If you’re young and healthy, you’ve probably given little thought to the notion of disability insurance. Most of the employees in this age group may even scoff at it as insignificant given their youth.

“disability insurance?” “Compensation if I become unable to work?” They can shout. “Why, that’s coverage I really don’t need.”

If you’ll talk to the pros – in the trenches, you’ll hear a very different story when it comes to related liability and insurance claims. In fact, the discussion will inspire you to be forever grateful that you’re covered!

Deep down, every person understands that whatever blessings we have in life should never be taken for granted. Car accidents, business accidents, home destruction – it all happens. Likewise no one can guarantee that illness or disease will not once again disrupt life without it – regardless of one’s current situation.

Want more on the matter? Here are the hard facts:

• 1 in 4 young people in their 20s suffer from a chronic illness or injury.

• Each year, there are more than 700,000 wage workers and employees who are provided Social Security disability insurance benefits.

• In general, 1 in 15 workers file a short-term disability claim each year.

• Nearly fifty percent of all Americans do not have the money for a $400 medical emergency.

• Breaking or fracturing a leg can result in interruption of employment for three months or longer.

• On average, long term disability insurance claims last for more than two years and six months.

• Work-related physical disability can be the result of a variety of factors, including chronic headaches, ongoing back pain, treatment related to cancer, treatment, the birth of a new baby, loss of vision, heart disease, mental and emotional illness, and stroke. As well as other pathologies and conditions.

• The median income for newly graduated higher education students is approximately $1,101. Weigh this with an average long-term disability maximum claim of $125,450 for loss of income.

With the currently available data about young working people, a disability that renders someone unable to work will have a devastating effect without proper insurance coverage.

did you know

• Thirty-five percent of youth workers experience difficulties meeting daily monthly costs.

• Nearly 70 percent of all US citizens do not have even a thousand dollars saved.

• To make matters worse, thirty-one percent of people in the age group of eighteen to thirty years do not have any savings.

Life has its monetary responsibilities. These can include rent, mortgage, student loans, auto payments, and more. Protect your earning and ability to make ends meet by making sure you have the protective indemnity of disability insurance.

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