May is Disability Insurance Awareness Month (DIAM) -Set for Life Insurance ... PR Web (press release)
“We have recently witnessed the financial hardship that occurs to families when breadwinners lose their jobs due to layoffs caused by the recession. However, even in the best of economic times, people are still vulnerable to lose their income if they become too sick or injured to work. Most people don’t consider this risk, or take action to protect their income,” says Jamie K. Fleischner, CLU, ChFC , President of Set for Life Insurance in Greenwood Village, CO. “Your paycheck is clearly one of your most valuable assets. It is crucial to insure your ability to earn an income.”A recent Life and Heath Insurance Foundation for Education ( LIFE ) survey found that nearly 50 percent of working Americans would not be able to cover their living expenses for one month after a disability that kept them out of work. More than one in four surveyed said they would face financial problems immediately.
While no one likes to think about the unpleasant prospect of becoming disabled, the odds of suffering a long-term disability are much higher than most people acknowledge. According to the consulting firm Milliman, Inc., U.S. workers have a three in 10 chance of becoming disabled for 90 days or more between age 35 and 65. “With risks this high, and most people’s lack of large cash savings, disability insurance is something every working professional needs to be thinking about,” says Fleischner.
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