Review the Statistics involved in becoming Disabled and Insurance
When making a decision regarding Disability Insurance, consider the following:
Social Security Statistics
- 1993 - Social Security denied 55 % of 1.4 million applications it received.
- 1998 - only 35% of Social Security disability claims were approved.
- Over 5 months must pass before Social Security will pay on an approved claim
- Social Security requires that you cannot perform "any" gainful work.
- Social Security demands that the disability must last at least 12 months.
Basic Disability Statistics
- Between the ages of 35 and 65 seven out of ten people will become disabled for 3 months or longer
- One out of seven employed people will be disabled for 5 years or more before age 65
- Average long-term loss due to disability is over 5 years.
- Average American household only has two months worth of savings in reserve.
- Workers compensation coverage only covers injuries that occur on the job
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