Common Causes of Disability
What generally causes of a long term disability? A rare accident or work related injury? No. The most common claims are likely to be an illness, such as cancer or a heart attack. These can strike outside of the workplace, therefore negating any protection from an employer’s workers compensation plan.
THE MOST COMMON CAUSES OF LONG TERM DISABILITY1
1) Injuries to muscles, bones. or joints (26%)
2) Cancer and Neoplasms (15%)
3) Heart and blood vessel problems ( 9%)
4) Injuries and poisoning ( 9%)
5) Mental disorders ( 8%)
Sadly - Most Americans believe they will not suffer a disability.
The Council for Disability Awareness reflected in a 2010 consumer consensus -
- 64% of wage earners believe they have a 2% or less chance of being disabled for 3 months or more during their working career.
- The Social Security Administration reports that the actual odds of suffering a long tern disability for a person entering the workplace today are 30%.
Many workers do not have any disability insurance coverage.
- About 100 million U.S. Workers are without private disability income insurance
- 70% of U.S. Workers in the private sector have no long-term disability insurance
Disability Insurance is certainly a valuable financial component that every person should have within a successful long term financial plan. Take the time to understand what options are the most appropriate to ensure the protection of your income.
2Disability lasting ninety days or longer.