By Christine Muñoz, IIABA Director of Employee Benefits
Tomorrow marks the first day of May. Did you know that May has been designated Disability Insurance Awareness Month in order to educate consumers about the need for disability coverage? As an insurance agent, you spend your days protecting others from the risks of the unknown. But do you know your own risk when it comes to disability?
It’s a common misconception that disability is most often caused by accidents or work injuries. But illnesses like cancer, heart attacks and diabetes are the leading cause of long term disability. Approximately 90% of disabilities are caused by illnesses rather than accidents, according to the Council for Disability Awareness Long Term Disability Claims Review 2010.
Disability is a widespread problem that continues to grow. According to the U.S. Census Bureau more than 30 million Americans between the ages of 21 and 64 are disabled. A few facts to consider:
- Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire. Social Security Administration, Fact Sheet Jan 2009
- Over 51 million Americans – 18% of the population – classify themselves as fully or partially disabled. Social Security Administration, Fact Sheet Jan 2009
- In June of 2010, there were nearly 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits. Social Security Administration, Disabled Worker Beneficiary Statistics, ssa.gov
What does this mean to you? Statistics show that working Americans routinely underestimate their own risk. Most working Americans estimate that their own chance for experiencing a long term disability are substantially lower than the average workers according to a research report by the CDA. That same report shows that 64% of wage earners believe they have a 2% or less chance of being disabled for three months or more during their working careers. The actual odds for a worker entering the workforce today are about 30%. That demonstrates an alarming gap between perception and reality on this issue.
Don’t take the chance that a disabling illness or injury won’t happen to you. You insure your car, your home, your valuables – why not insure your “income”? Aside from health insurance and retirement plans, short and long-term disability insurance is one of the most valuable benefits an employer can offer to their employees.
The Big “I” Employee Benefits program can help protect both you and your employees. As a member benefit, we offer access to group short- and long-term disability, group life insurance and dental programs. All benefits are provided through The Guardian Life Insurance Company, a known leader in the insurance industry.
Contact Michele Fogle-Sizemore – Group Benefits Director/Marketing 704-875-3060 ext. 105 michele@foglegroup.com for more information.
