Archive for the ‘Individual DI’ Category
Probability of Some Form of Disability During a Career Is 30%. Are You Properly Protected?
Many persons with significant incomes and personal/family cashflow requirements rely on insufficient means to protect themselves against the potential of loss of their greatest asset: their income earning capacity. Many who actually do have disability insurance (“DI”) are not quite sure how all the pieces work (i.e., the myriad policy definitions and provisions) and are not sure that they have optmized the coverage for their specific financial needs. BBCG can provide high quality professional assistance. Below are just a few statistics to justify the seriousness of not considering DI just as important as all other financial planning.
2008 Social Security “Quick Facts”
• 3 in 10: these are the chances of a young worker today becoming seriously
disabled before reaching retirement.
• 52: this is the average age of a disabled worker receiving SSDI benefits.
• 2.8 million: this is the number of disabled workers in their 20s, 30s and 40s
receiving SSDI benefits.
• 1.9 million: this is the number of disabled workers’ spouses and children
who also received SSDI payments in 2008.
• $1,064: this is the average monthly SSDI benefit for all disabled workers.
• More than 90%: this is the amount of disabled workers receiving SSDI who
do not qualify for workers’ compensation (i.e., non-occupational based causes of disability).
Disability Rate Increases More Rapidly For Women Than Men
Consider the cashflow needs of the two income family (i.e., the income protection of both spouses).
The overall rate of disability among women workers is growing much more rapidly than among men. The percentage of female workers receiving SSDI payments in 2009 (5.1%) was 55% higher than 10 years earlier (3.3% in 1998), while the number of male workers receiving SSDI grew by 37% during the same period, from 3.8% to 5.2%.
(Above Data Sources: “2010 CDA LONG-TERM DISABILITY CLAIMS REVIEW” of the Council for Disability Awareness)
DI Is Not A One Size Fits All Product
Your profession, individual financial situation and present/anticipated asset base are all considerations into which product provision must be factored. Insurance broker experts in DI are required more often than not for this type of assistance. The end result should be a customized product tailored for you and your family. We have DI specialists at the ready to work with you. Click here to email us for assistance in developing a DI approach for your specific needs.
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