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Disability Insurance takes center stage in May

If it’s May, it must be Disability Insurance Awareness Month.

Life Happens created and coordinates the Disability Insurance Awareness Month (DIAM) campaign every May because disability insurance (DI) is arguably the most misunderstood of all major insurances.

Given that its recent survey, “Life’s New Appreciations” showed that financial security is top of mind for Americans this year, it makes sense to emphasize how disability insurance is vital if for people who work and rely on their income, and is part of a “preparation kit” against the unexpected.

DIAM Spokesperson Scott Rider returns this year, and agents can share his powerful Real Life Story that shows how disability insurance saved his family financially when he was diagnosed with Parkinson’s Disease at just 47. Plus, watch a special Q&A with Scott in our DIAM webinar to hear his story first-hand.

The cognitive and physical limitations caused by the disease meant Rider had to give up the profession he loved—being a financial advisor. He started with MassMutual before starting Rider+Reinke Financial Group LLC in 1988. Fortunately, he purchased disability insurance early in his career and increased it as his salary grew, which enabled him and his family to maintain the lifestyle they’ve always known.

In a year when a global pandemic has changed the fabric of life as we know it, the theme “Reality Check” is more relevant now than ever. And the message is straightforward: Life can change quickly, and an illness or injury could take away your ability to earn a living. The truth is your income is your most valuable asset and provides for you and your loved ones. Protect your paycheck with disability insurance, and secure your family’s financial future.

Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. Life Happens is encouraging agents to promote disability insurance awareness by using social media posts it has developed and other tools. Life Happens Pro furthers its mission of educating the public by making its resources customizable and putting them directly into the hands of agents.

Agents with access to Life Happens Pro can use its new Disability Insurance 101 video and digital flyer to educate people on the basics of why they need disability insurance.

Notable DI statistics

  • 51 million working adults in the U.S., or 67% of American workers, are without disability insurance.
  • 25% of today’s 20 year olds will be out of work for at least a year because of a disability, before they retire.
  • 6% of Americans in the workforce will experience a short-term disability (usually six months or less) every year.
  • Around 40% of applications for disability insurance are declined, rated, or are only accepted with an exclusion.
  • Almost 90% of long-term disability claims are caused by illnesses, not accidents, and aren’t work related.
  • 46% of all foreclosures on conventional mortgages are caused by a disability.
  • At 25%, pregnancies are the most common reason for short-term disability claims.
  • The most common reason for a long-term disability claim to be filed is Musculoskeletal disorders at 29%.
  • Tinnitus is the most common disability among the veteran population.
  • 3% was the unemployment rate for someone with a disability in 2019.
  • The employment rate for someone in the U.S. with a disability in 2019 was 19.3%.

Source: Simply Insurance



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