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.
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!