Last month was Disability Insurance Awareness Month, and in case you missed it here are five fast facts you should know:
- Over 60% of Americans say they are unable to handle a $500 car repair or a $1,000 emergency room bill.1
- The average worker faces a 3-in-10 chance of suffering a job loss lasting 90 days or more due to a disability.2
- The Social Security Administration estimates that 1 in 4 20-year-olds will suffer a disability before they retire.3
- 7 in 10 Americans understand the importance of disability insurance, yet only one-third have coverage.4
- As of January 1, 2017, approximately 1.3 million working-age Americans have experienced a disabling injury or illness.5
You can take action and help reduce your member’s financial burden in the event of an unexpected disability with mortgage disability programs designed to provide for payment of monthly mortgage loan payments. Talk to your members to see if they would be prepared or able to pay their bills or mortgage without a paycheck. It’s imperative to share disability insurance information with your members throughout the entire year.
Securian is the NAFCU Services Preferred Partner for credit insurance and debt protection solutions for credit unions. For additional information and educational resources from Securian, visit www.nafcu.org/securian.
1 CBS News Moneywatch, “Most Americans Can’t Handle a $500 Surprise Bill (article on Bankrates.com’s consumer survey, December 2015),” January 2016
2 Facts from LIMRA Disability Insurance Awareness Month 2016
3 Facts from LIMRA Disability Insurance Awareness Month 2016
4 Facts from LIMRA Disability Insurance Awareness Month 2016
5 Council for Disability Awareness, America’s disability counter, (data is updated continually) http://www.disabilitycounter.org/