Approximately 37 million Americans are considered disabled; of those 37 million people, more than 50% are still in their working years (age 18-64), according to the Council for Disability Awareness. Unfortunately, many workers never even consider the fact that they could face a temporary or permanent disability, let alone plan for such a situation. What kind of a situation would you be in if you were to become disabled and unable to work?
For many, the thought of investing in a long-term disability insurance policy may sound like an unnecessary expense. It is estimated that roughly 86 percent of Americans have desk jobs, therefore it is easy to understand why they might be under the impression that they have little to no chance of becoming disabled during the course of their career. This is a potentially dangerous mistake.
The Odds of Needing Long-Term Disability Insurance
While it is true that those who work more labor-intensive jobs may have an increased risk of becoming injured or disabled at some point in their careers, those who work in office settings also have at least a one in four chance of the same thing happening to them.
In 2015, the Bureau of Labor Services estimated that there were 1,153,490 cases of work-related injuries and illnesses that resulted in missing days from work. This statistic can be scary for both businesses and individuals alike. And while most states mandate that every business with one of more employees must have workers’ comp. insurance, what happens when workers’ comp. and social security disability benefits just aren’t enough?