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 May is Disability Insurance Awareness Month – are you prepared?

May is Disability Insurance Awareness Month – are you prepared?

May brings us some fun celebrations, as it’s National Photography Month, National Bike Month, and even National Barbecue Month (my favorite).

But May is also Disability Insurance Awareness Month (DIAM), a fact that is far less fun to talk about.

However, shining a light on the need for disability insurance and planning is by far the most important thing you can do in May.

Today, I wanted to convince you that we should talk about your disability insurance with these seven fast facts:

1. The average worker faces a three in 10 chance of suffering a job loss lasting 90 days or more due to a disability.

2. More than half of all personal bankruptcies and mortgage foreclosures are a consequence of disability.

3. Just over half of working Americans worry about the effects of a disability. Among younger workers the percentages are higher: 70% Millennials and 68% Gen X.

4. Most Americans are better prepared financially to die than to become disabled, although chances are at least three to five times greater of a disability occurring. Approximately eight million adults have some disability that limits or prevents them from working.

 5. A 35-year-old has a 50 percent chance of becoming disabled for a 90-day period or longer before age 65.

6. More than 375,000 Americans become totally disabled every year, and approximately 110 million Americans don’t have long-term disability coverage.

7. Most income earners, regardless of income level, have spending commitments that consume 65 percent to 75 percent of normal cash flow.

So, I hope you invite me to your barbecue in May, but we should also chat to make sure your Disability Insurance is in order. Please contact me today to schedule a quick call!