Latest Insights

Disability Facts That May Surprise You

Disability Income Insurance

The Risk of Becoming Disabiled 

A disability can happen to anyone. Anytime. Anywhere. No one plans to become disabled. If the unexpected happens, only proper planning with individual disability income insurance can help protect a portion of your earned income for the things that matter to you, should you become sick or hurt and unable to work.

Disability Quick Facts

  • Just over 1 in 4 of today’s 20-year-olds will become disabled before they reach retirement age.1
  • 65% of American employees live from paycheck to paycheck,2 without enough savings to cushion the financial impact a disability may cause.
  • The average monthly benefit paid by Social Security Disability Insurance (SSDI) for 2024 was $943 per individual and $1,415 per couple.3

Potential Financial Loss

Your income — when viewed over your entire career — is often your single, most important asset. A permanent disability therefore, can have a significant impact on you and your family. The figures below demonstrate the potential financial loss of future earnings if you were to become permanently disabled.

For example, a 35-year old worker with an annual salary of $50,000 who experiences a permanent disability may lose up to $1,500,000 in potential earnings by age 65. 

Causes of Disabilities 

It is not uncommon for people to assume that most disabilities are the result of accidents.In reality, the majority of disabilities people suffer are due to various forms of illness.

Conclusion

These statistics show that over the course of a person’s life, it is common for one to become disabled. What may come as a surprise to many is not only causes of disabilities but the potential financial loss associated with a permanent disability. Disabilities can occur at any time. Educating yourself is a good place to start to help reduce your own personal risk of becoming disabled.

 

 

 

1 2021 CDA Disability Overview, https://disabilitycanhappen.org/overview/
2 American Payroll Association, “Getting Paid in America” Survey, 2021
3 https://www.ssa.gov/oact/cola/SSI.html
*Long-term disability (LTD) Statistics. Source: 2021 CDA Disability Statistics. https://disabilitycanhappen.org/disability-statistic/
For costs and complete details of coverage, please contact Lenox Advisors at 212-536-8700.

CRN202503-1975277 

You May Also Like Related Articles

Is Disability Income Insurance Worth It?

You insure your most valuable assets like your home, your car and your life. Most people would agree that they’re worth protection; however, disability income (DI) insurance is something people tend to be less certain about.