Basic Disability Insurance Odds

Basic Disability Insurance Odds

According to the Society of Actuaries and The Commissioners Disability Table, suffering a disability is much more likely than being in an auto accident, dying or having a fire in your home. What many people do not know is that the odds of suffering a long term disability during your lifetime are actually increasing. As medical technology improves, your chances of surviving an illness or accident increase. Diseases that once were a death sentence now result in a period of long term disability from which you recover. Cancer is a perfect example of a disease that with better medical technology more people are beating every day, however during chemotherapy most people are not able to go to work every day. Heart attacks used to kill a much larger percentage of people than they do now, but after having surgery most people need to take several months off to recuperate.

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Additional Disability Insurance Statistics

Seven out of ten claims in recent years for Social Security disability insurance benefits were initially denied**

One out of seven employees will be disabled for five years or more before retirement*

Between ages 35 and 65, seven out of ten people will become disabled for three months or longer**

Disability is sixteen times more likely than death to cause home foreclosure***

*Commissioners Disability Table, 1998 , ** Senate Finance Committee, 1998, *** Federal Housing Administration