The month of May is Disability Insurance Awareness month. Yes, there is an entire month devoted to spreading the message about the importance of protecting your income! The likelihood of a disabling injury or illness is 3-4 times higher than dying prematurely (depending on your age), yet many ignore the risks of becoming disabled.
According to the Council for Disability Awareness (www.disabilitycanhappen.org), a typical 35-year old female has a 24% chance of becoming disabled for 3 months or longer during her working career. There is a 21% chance for a 35-year old male. These chances are much higher than dying prematurely, but many don’t hesitate to obtain life insurance.
There are many reasons for this disconnect, and usually it’s due to a few preconceived notions that are simply false. For instance, many believe disabilities are mostly caused by injuries and accidents. And then they tie their chances of becoming disabled directly to the kind of work they do on a daily basis (i.e. “It won’t happen to me. I work behind a desk all day”). But the reality is only 10% of disabilities are caused by accidents and injuries.
There are several more misconceptions about disabilities and disability insurance, which you can view a few of them on our Disability Insurance page.
If you wish to learn more, please visit Council for Disability Awareness (www.disabilitycanhappen.org).