May is Disability Insurance Awareness Month (DIAM). Each year, LIMRA joins Life Happens, which created and coordinates the DIAM campaign, along with others in the insurance industry, to raise awareness about the importance of income protection.
Without disability insurance, 50% of Americans said they would use their savings to help them meet their expenses if they were unable to work due to illness or injury.1 This statistic underscores consumers’ need for a reality check when it comes to protecting their family’s financial future.
Millions of working Americans are facing a growing crisis: a lack of adequate disability insurance coverage. Without some kind of income protection, more Americans are experiencing severe financial difficulty if they need to miss work due to illness, injury or pregnancy.
Disability insurance is more important now than ever. According to the Social Security Administration, 1 in 4 of today’s 20 year olds will become disabled at some point in their career.
As we’ve seen from the recent pandemic, life can change quickly. An illness or injury could take away the ability to earn a living. An income in the form of a steady paycheck is your most valuable asset and provides for an individual and their loved ones. Protecting a paycheck with disability insurance can secure a family’s financial future.
LIMRA put together a fact sheet to highlight disability insurance ownership trends and knowledge about the need for having this coverage.
1 The New American Milestones (2020), Life Happens.