In speaking to clients and prospective clients on a daily basis, I often hear the same reasons why people feel they don’t need disability insurance. I read an article today at A.M Best’s Consumer Insurance Center titled Five Myths about Disability Insurance and found these myths mirrored the reasons people tell me they don’t need the coverage. As I would like to fully explore each myth presented in the article, I will cover one per blog entry.

Myth #1: I’m Healthy and won’t be disabled

According to a recent study, most people estimate they have only a 16% chance of becoming disabled during their working years1 yet; every statistic I have ever seen on the subject tells me the chance of becoming disabled is much greater than people suspect. Here are a few statistics:

• If you’re under age 35, chances are one in three that you will be disabled for at least six months during the course of your career.
• Men have a 43% chance of becoming seriously disabled during their working years.
• Women have a 54% chance.
• At age 42, it is four times more likely that you will become seriously disabled than that you will die during your working years.

Sources:
1. Gallup survey, conducted for UNUM Corporation (508 respondents, aged 30 to 65), reported by Best’s Review.
2. “Why Disability” booklet, published by National Underwriter.

For more statistics, visit http://www.protectyourincome.com