Your Odds of Avoiding a Disability

by | Apr 28, 2017 | Insurance Content Writing

Surgical-Team-CopybranderAccording to the statistics from the Social Security Administration (SSA), your odds of avoiding a disability actually get worse as you get older. Most people believe their odds improve, but one of the glaring Myths about Disabilities is that most are caused by injuries. This simply isn’t true. Most disability claims are a result of chronic diseases and illness, which afflicts us more as we age. Thus, the increase in disabilities as we get older.

Here are some disability statistics from the US Social Security Administration (SSA) for you to think about:

  • According to statistics from the Social Security Administration (SSA), 30% of 20 year olds will become disabled for 6 months or longer before they retire.
  • If you are 33 to 35 years old, you have a 50% chance of experiencing a 3 month or longer disability before you reach retirement.
  • If you are 45, you have a 44% chance of experiencing a disability of 3 months or longer.
  • So your odds of avoiding a disability from your 30’s to your 40’s range anywhere from a 50/50 shot to slightly higher than 50%. If this was a gambling situation, most people wouldn’t touch that action.
  • Over 37 million Americans (about 12% of the population) is disabled.
  • At the end of 2012 (December 2012), there were 2.5 million disabled workers in their 20s, 30s and 40s receiving SSDI (Social Security Disability Insurance) benefits. These stats only include people receiving government benefits, not claims for Short Term and Long Term Disability with private insurance carriers.
  • Odds of being involved in a car accident? 1 in 4 or 25% Note: You have a 1 in 4 chance of being involved in a car accident, but only  a .3% chance of being killed in a car accident. So most of us survive car accidents, but it also causes many disability claims.
  • Odds of a woman developing cancer? 1 in 3 or 33%
  • Odds of a man developing cancer? 1 in 4 or 25%  Note:  Regardless of whether you are a Man or a Woman, you have an incredibly high chance of developing this awful, debilitating disease. Working while undergoing daily or weekly chemo treatments is very hard to do. Recovery from invasive surgeries can take weeks or months and are usually followed by chemo or radiation treatments. A disability policy provides an income to allow you to take time off work to focus on your treatment and recovery.
  • Odds of being disabled from a heart attack or stroke? 1 in 3 or 33%  Note:  Over 80 million Americans suffer from heart disease and it is the leading cause of death and disabilities each year.  If you survive a stroke or heart attack, the recovery process can take months or years.

Your Odds of Avoiding a Disability

Banana Peel Accident - CopybranderClearly, your odds of avoiding a disability are not in your favor. Unfortunately, the same people who know how important it is to protect themselves, their families and businesses, don’t bother to get Disability Insurance to protect their income. Think of it as income protection insurance. If you don’t protect your income, your cash flow will disappear if you experience a debilitating injury or illness and are unable to work.

So why isn’t disability insurance as popular as other plans like life insurance? The main reason is most people just don’t understand disability plans, how they work or how affordable policies are. There are many more variables to consider with disability coverage, so it takes longer to apply and buy it.

Buying Disability Insurance?

So what is my next step if I’m interested in buying Disability Insurance? Well the first step is to request a quick disability insurance quote to see where your premium cost is and how that compares to your budget. You can find good online agents that offer disability insurance coverage. Just be sure to check them out with your state department of insurance to confirm that they’re licensed, how long they’ve been licensed and also that they don’t have any enforcement actions pending against them. You can also check consumer sites like Yelp to determine if there are complaints about that agent. Or better yet, get a referral from somebody you trust.