5 Facts You Should Know about Disability Insurance

Last month was Disability Insurance Awareness Month, and in case you missed it here are five fast facts you should know:

  1. Over 60% of Americans say they are unable to handle a $500 car repair or a $1,000 emergency room bill.1
  2. The average worker faces a 3-in-10 chance of suffering a job loss lasting 90 days or more due to a disability.2
  3. The Social Security Administration estimates that 1 in 4 20-year-olds will suffer a disability before they retire.3
  4. 7 in 10 Americans understand the importance of disability insurance, yet only one-third have coverage.4
  5. As of January 1, 2017, approximately 1.3 million working-age Americans have experienced a disabling injury or illness.5

Take Action

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.

 

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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/

An Underestimated Issue: Disability Insurance Awareness Month

Approximately every 7 seconds, a working-age American suffers a disabling injury or illness that will last for at least one month.1 If this happened to your members, would they be able to make their loan payments or pay bill their bills?

May is Disability Insurance Awareness Month. It is a great opportunity to share the importance of protecting what matters against the unexpected with your members.

Consider the Facts

“According to industry studies, more than 20% of workers under 40 say they are more likely to win the big lottery jackpot than become unable to work due to illness or injury2,” says Ryan Frantzen, National Sales Director of Securian’s Financial Institution Group.

“There is a major disconnect between what people think may happen and what actually may happen. We feel it’s important to help financial institutions inform their customers and help them plan to be smart, not lucky.”

Take Action

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.  Securian’s programs may help them cover these payments for a certain time frame and protect what matters.

While we highlight the importance of disability insurance awareness during the month of May, it’s imperative to share this information with your members throughout the entire year.

For more information, please contact Ryan Frantzen at 651.665.1497 or ryan.frantzen@securian.com.

 

Securian Logo

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.

 

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1 DisabilityCounter.org, America’s Disability Counter, (data is updated periodically)

2 Council for Disability Awareness, 2014 Disability Awareness, 2014 (page 3)

Your Members Can Protect What Matters During Disability Insurance Awareness Month

If your credit union member is unable to work due to a disabling injury or illness what would happen to their ability to make their loan payment?

No Time to Waste - May is Disability Insurance Awareness MonthMay is Disability Insurance Awareness Month. And, it’s the perfect opportunity to talk to your members about the importance of protecting against the unexpected risk of a disabling illness or injury.

An Underestimated Issue

“According to recent industry studies many employees think their odds of becoming disabled for at least three months are only 1%1. It’s an underestimated issue. More than 25% of today’s 20 year olds will become disabled before they retire2,” says Ryan Frantzen, National Sales Director, Securian Financial Institution Group.

“There is a major disconnect between what people think their risk of disability is and reality. That’s why we feel it is important for us to help credit unions make members aware of the risk.”

Consider the Gap

  • A recent U.S Department of Labor employee benefits survey revealed only one in three workers have access to a disability insurance plan through work3.
  • Nearly 90% of disabilities are not work related and therefore are not covered by workers’ compensation.4
  • Of those who qualified for benefits, approximately 35% of disabled men and 56% of disabled women received less than $1,000 per month in Social Security disability income.5

Take Action

You can help reduce your member’s financial burden in the event of an unexpected disability with credit protection programs that include disability benefits. And, members can protect their credit rating by helping ensure their loan will not end up in default, if they are unable to work due to a disabling injury or illness.

Start the conversation by asking your member to imagine their life without their paycheck as they try to pay for their daily living expenses, medical bills, and their loan with your credit union.

To help you promote national Disability Insurance Awareness Month, Securian Financial Group has developed marketing materials to use at your credit union. Request these complimentary materials by contacting Karen Thompson at Karen.thompson@securian.com or 651-665-3695.

Securian LogoSecurian 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 http://www.nafcu.org/securian.

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1CDA. 2013 Employer Disability Awareness Study, p.6.

2U.S. Social Security Administration, Fact Sheet February 7, 2013.

3Source: Employee Benefits Survey, U.S. Bureau of Labor Statistics, March 2015

4Facts from LIMRA, 2014 Disability Insurance Awareness month, October 2014

52014 Council for Disability Awareness Long Term Disability Claims Review