We've blogged before about disability income insurance (here, for example), but the Council for Disability Awareness has released some disturbing new figures, and we thought it'd be a good idea to share them. And since May is National Disability Insurance Awareness Month, that seems quite appropriate. According to the CDA's “2007 Disability Awareness Survey:”
■ Nine out of ten workers underestimate their own chances of becoming disabled.
■ Nearly 60% of workers have not discussed how they would manage an income-limiting disability.
■ Nearly two-thirds of respondents with 401k or IRA plans are unaware of what would happen to their retirement savings should they become unable to earn an income.
■ Female workers, particularly unmarried women, are less likely than males to feel confident that they could pay their living expenses for three months if their wages stopped.
This is not a pretty picture. Working folks are much more likely to suffer a disability than die, yet most of us have at least some group life insurance through our employers. Disability has been called "the living death," because it can quickly reduce one's savings due to lost wages and extra medical and support expenses.
So what can you do about it? Talk with your agent (you do have an agent, right?) about this important coverage. Check at work to see if there's a plan in which you can participate. It's important.
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