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 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


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

Debt: The Inheritance No One Wants

Originally posted on CUInsight.

Guest post written by Kristi Nelson, Second VP and Actuary, Securian Financial Group

Second VP and Actuary
Second VP and ActuarSecurian Financial Group

Have you thought about what would happen to your debt when you die?

When Securian Financial Group posed that question to 1,004 Americans of all ages in an online survey last September, nearly one third (31 percent) said they had not thought about it.

Lopsided personal finances

Among the respondents in Securian’s recent survey who hold debt as primary borrowers or cosigners, significant percentages could leave behind large financial obligations if they died. Twenty percent owe $100,000 or more. Forty-four percent owe $25,000 or more.

Read more

Inheriting Debt: The Impact of Debt on Loved Ones Should the Borrower Unexpectedly Die

By Nikki Griggs, Marketing Manager, NAFCU Services.

What do Thomas Jefferson, Judy Garland, and Michael Jackson have in common? They each left a tremendous amount of debt behind when they died. With their wealth and assets, it’s easy to imagine the red tape and the burden this put on their loved ones.

But perhaps you’re thinking that a founding father and a couple of wealthy, out-of-touch celebrities may not be the most relatable trio. Fair enough. Then what about debt that is left behind by the average American today? Is it forgiven when someone unexpectedly dies?

It’s widely known that consumer debt has touched all generations culminating with 2009’s Great Recession. From Baby Boomers affected by the mortgage crisis to the Millenials’ huge student loan debt to the staggering credit card debt across the boards, many Americans find themselves in precarious financial straits. But what may be equally alarming and less known is the significant impact that a loved one’s debt can have on his or her survivors if arrangements had not been made for post mortem coverage.

Read more

Adult Kids Are Returning to the “Nest” in Record Numbers, But Do They Know Its Financial Impact on Their Parents?

When one of my friends recently told me her nephew who’s in his mid-20s was temporarily moving with his girlfriend to her parents’ home to save money and pay down their student loans, I had flashbacks of my own family doing the same through several generations. My brother temporarily moved back to my parents’ house with his very pregnant wife and very large dog back in the late ‘80s, and my parents did the same when they were new parents.

In order to give my friend some unsolicited (!) advice for her nephew, I called my mom to ask what their financial arrangements were way back when. Turns out both my brother and parents were freeloaders! All kidding aside, my parents did not pay rent to my grandparents and, in turn, my parents gifted rent-free accommodations to my brother and sister-in-law.

Read more