On May 1st, the LIFE Foundation kicked off Disability Insurance Awareness Month, which encourages people to start thinking about what may happen if they were injured and left unable to work and keep a roof over their family’s heads.
While many people believe that a big house, nice cars and clothes are their biggest assets, it’s actually their ability to work and earn a living—allowing them to enjoy such luxuries. This is where life insurance and mortgage disability protection insurance comes in.
In fact, statistics show that in the U.S., a disabling accident occurs, on average, once every second!
Many believe that disability insurance isn’t needed because benefits are available through Social Security or workers’ compensation. However, the LIFE Foundation revealed that “45 percent of those who initially apply for disability benefits through Social Security are initially denied, and those who are approved get an average benefit of just $1,063 monthly—hardly enough to replace the average worker’s income. Workers’ Compensation covers only work-related disabilities, but according to the National Safety Council, 73 percent of disabling accidents and illnesses aren’t work-related. The U.S. Department of Labor also reports that over 70 percent of employers do not offer long-term disability coverage.”
The U.S. Department of Housing and Urban Development reported that nearly half of all foreclosures are caused by disability. On top of that, according to the Social Security Administration, one in five people suffer long-term disability before the age of 65.
National Agents Alliance has multiple options in protection to ensure that families are protected in the event of an unfortunate accident that leaves the bread winner unable to continue to support their family. Here at NAA we can offer mortgage disability insurance in conjunction with life insurance, so that individuals are protected against death and disability, or as a stand-alone disability policy.
It is a comforting feeling to know that your family is protected no matter what life may throw your way. Be sure that your clients know of these options and facts!