Why More Professionals Are Investing In Disability Insurance
The Alarming Statistics That Will Make You Rethink
It might surprise you to learn that more than 37 million Americans, almost 12 percent of the population, are classified as disabled. This number is on the rise, driven by a mix of demographic trends and environmental factors. Not convinced? Consider this: diseases like cancer and heart issues, which aren’t always spoken about, can cause long-term disabilities and ruin careers without warning. But what you read next might change how you see this forever.
Interestingly, less than 5% of disabling accidents and illnesses are work-related; the majority occur outside the workplace. Hence, even if your job provides disability insurance, it may not cover these more common occurrences. It’s a loophole workers can no longer afford to ignore. There’s more to this story, though, and the next insights will leave you astonished.
The average length of a long-term disability for those who become disabled for 90 days or more is 31.2 months. Imagine being without income for nearly three years. Savings dwindle fast; what seems like a nest egg evaporates under such a prolonged strain. But there’s one more twist you probably weren’t aware of.
Disability insurance isn’t just about worst-case scenarios. It also serves as a protective measure for mental health challenges, stemming from stress or burnout. Professionals in high-stress careers are especially susceptible to these impacts. Understanding this facet can dramatically alter your perspective on insurance’s role. But what you discover next is bound to surprise you even more.