Newly launched website DisabilityInsurance.org has analyzed and summarized the disability insurance industry.
NEW YORK, NY – DisabilityInsurance.org, a new service providing information about disability insurance has published the infographic “Disability Insurance: A smart choice” offering an overview and analysis of disability insurance in the United States.
Statistics by the Social Security Administration show that one in four Americans will suffer a disabling injury before retirement. Considering the impact that short- or long-term disability will have on a large part of the American workforce, disability insurance is gaining significant importance.
According to the Bureau of Labor about 56.7 million Americans live with a disability (18% of the total population) and a further 38.3 million of Americans are severely disabled (12.6%). Among the five most common disabilities are arthritis and rheumatism, back pain, heart trouble, respiratory problems and mental disorders. In terms of employment, disabilities can have devastating effects on the professional lives of individuals. The National Safety Council estimates that the average cost of a non-fatal disability is estimated around $70,200 dollars. Moreover, the Council of Disability Awareness adds that 350,000 bankruptcies each year can be attributed to unexpected injuries, illnesses or accidents.
Disability insurance can offer workers compensation for their inability to actively participate in the workforce. Therefore, DisabilityInsurance.org offers a platform that allows users to learn about disability insurance. Users can visit the learning center to obtain useful information and consult the website to obtain quotes for the most affordable policies offered by disability insurance providers in their area.
Generally, there are two options for disability insurance: Short-term disability insurance paying benefits for maximum 2 years, and long-term disability insurance which allows people to receive benefits for the rest of their lives. A third option is the National Social Insurance which is provided by the US’s Social Security. Nevertheless, 65% of applicants for disability benefits through social security are denied the first time (Council of Disability Awareness).
So, is disability insurance worth it? According to 96% of people with short- and long-term disability insurance, financial hardship would have been more likely without disability insurance. Moreover, 74% of people with long-term individual disability insurance say they are happy with their policies.