Disability Insurance

from Fox Insurance Agency

Disability: Are You Financially Prepared?

A disability is not something that you can plan for. Those that are affected by a disability are usually unprepared for the financial hardship and struggles that come hand in hand with a disability.

Just picture what would happen if you were not able to work. You would not be receiving an income and your savings and assets will start to deplete quickly. This can create serious problems with your family's financial security.

Long-term disabilities can last for up to 2 1/2 years. The financial impact of a long-term disability may be absolutely devastating. A 2005 Harvard study stated that over half of all personal bankruptcies and mortgage foreclosures are a result of disability.

The majority of Americans are living paycheck to paycheck, without room for missing a paycheck. Many people do not have funds put away for an unexpected emergency, such as an injury or illness.

What are the Chances of Disability?

Your chances of being disabled may be higher than you think. Here are some facts about disability in America:

• Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire.
• Contrary to common belief, freak accidents are usually NOT the cause of a disability. Back injuries, cancer, heart disease and other illnesses cause the majority of long-term absences.

What are the most common causes of disability?

Although injuries at work and freak accidents may occur it is also important to consider...

• Illnesses like cancer, heart attack or diabetes cause the majority of long-term disabilities. Back pain, injuries, and arthritis are also significant causes.
• Most disabilities are not work-related, and therefore not covered by workers' compensation.
• Lifestyle choices and personal behavior that lead to obesity are also becoming major contributing factors as a factor in disability.

Disability in America

Although disability is already a problem in our workforce, it is growing at a surprising rate...

• More than 30 million Americans between the ages of 21 and 64 are disabled, according to the most recent U.S. Census.
• 2.3 million people filed disability claims with Social Security in 2008.
• 25+ million American lives are restricted by the effects of disability, according to the Centers for Disease Control and Prevention.

Fox Insurance has been providing customers disability insurance in Portland, Beaverton, West Linn and many other cities throughout Oregon and Washington.

Contact Fox Insurance to learn more about disability insurance.