The Financial Impact of a Disabling Illness
Provided by Columbus Life Insurance Company
People think Disability won't happen to them.
1 in 50
More than 60% of wage earners believe they have a chance of becoming disabled for 3 months or more during their work careers.
(Disability Divide; The Council for Disability Awareness; March 2010)
But the reality is:
1 in 4
of today's 20-year-olds will become disabled before reaching age 67.
(Social Security Fact Sheet: June 2012)
1 in 8
will be disabled for five years or more during their work careers.
(Commissioner's Disability Tables A&C )
Americans are UNPREPARED
Workers lack disability coverage.
70% of private-sector workers have no long-term disability insurance.
(Social Security Fact Sheet: June 2012);
95% of disabilities happen outside of work and are not covered by worker's compensation.
(CDA 2009 Worker Disability Planning and Preparedness Study)
60% of Americans have NO savings earmarked for emergencies.
(Consumer Federation of America; 2007)
The impact can be DEVASTATING.
32 Months Average length of one long-term disability absence. (2010 Gen Re Disability Fact Book)
Medical problems contributed to:
of all foreclosures. (Get Sick, Get Out: The Medical Causes of Home Mortgage Foreclosures;
Robertson, Egelhof, Hoke; 2008)
62% of all personal bankruptcies filed in 2007. (Medical Bankruptcy in the United States, 2007;
The American Journal of Medicine; June 4, 2009)