The Shocking Truth About Disability Insurance That Could Save Your Family’s Future
Over 51 million citizens go without adequate disability insurance in the United States each year beyond the Social Security Administration’s offerings and only roughly half of all Americans have enough cash in savings to cover three months of living expenses without any income. Here are a few other statistics to consider:
- Nearly half of Americans can’t cover unplanned expenses over $400 unless they sell something or apply for a loan.
- Among twenty-somethings, about 25 percent will miss work for a year due to a disabling condition before the typical retirement age.
- 5.6 percent of workers will have a short-term disability each year due to illness, pregnancy or injury, mostly non-occupational.
The most common causes of short-term disability claims are digestive disorders, musculoskeletal disorders, pregnancy, cancer, mental health issues and other injuries such as sprains and strains. Many folks end up filing for bankruptcy due to medical bills, job loss and injury, with one study finding cancer patients having the highest rates of bankruptcy. Cancer patients were up 2.65 times likelier to be bankrupt in Washington State.
