MOST DI CLAIMS NOT WORK-RELATED
Most consumers believe that accidents at work are the most expected cause of disability, but research shows that over 95% of disabilities are not work related; therefore workers compensation cannot be used. Here are some interesting statistics about DI insurance claims and what consumers believe:
- Musculoskeletal/Connective Tissue Disorders are the leading cause of disability at 28%, while cancer is the second leading cause at 15%
- Consumers believe their own “personal odds” of becoming disabled are 1 in 100 when in fact 1 in every 4 Americans in the workforce will become disabled
- Approximately 42% of consumers believe that they would rely upon sick leave and vacation if disability struck them
- 37% of consumers have never thought about protecting their income
As you can see from these statistics, it is crucial for financial professionals to educate consumers about the risk of income loss and how to better prepare for it. Nearly 70% of consumers think that it is important to start planning for a loss of income at nearly any age, or even in their 20’s. This gives advisors the opportunity to connect with even younger consumers on how they intend to plan and maintain their financial independence if an illness or injury prevents them from earning an income.
You can visit the Council for Disability Awareness website http://www.disabilitycanhappen.org/ to gain more knowledge from this specific survey as well as more information on how to help guide consumers on protecting their income.
