Know your odds: Disability is more common than you may think

Know your odds: Disability is more common than you may think

It’s easy to think, “Disability won’t happen to me.” You may consider yourself too young and healthy to become disabled.

While no one chooses disability, consider these statistics:

  • More than one in four of today’s 20-year-olds will become disabled before they reach age 67. (Source: U.S. Social Security Administration Fact Sheet, 2019)
  • Illnesses – not accidents – are the cause of 90% of disabilities. (Source: Council for Disability Awareness, 2014)
  • Only 50% of American adults indicate they have enough savings to cover three months of living expenses in the event they’re not earning any income
 (Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2018 (PDF), page 22)
  • Just 20% of American consumers report having disability insurance, leaving the other 74% without it. (Source: Life Happens and LIMRA, 2019 Insurance Barometer Study)
  • One in eight workers will be disabled for five years or more during their working careers. (Source: Council for Disability Awareness, 2013)
  • The average disability payment from the government is less than $1,200. (Source: U.S. Social Security Administration, October 2018)

One day it’s there, the next day it’s not. 

We often take our income for granted, even in the most secure of jobs. However, no one’s income is guaranteed. If you suffered a serious illness or injury that prevented you from working, your employment income would stop. How would you live without a paycheck for weeks, months, or even years?

Life doesn’t stop at disability. Your basic needs continue – food, clothing, shelter – even after your ability to meet them is cut off. A long-term disability can be financially devastating when no money is coming in and expenses for medical care are rising. Your ability to earn an income is a valuable asset that can, and should, be well-protected.

Is anything protecting your income?

Your income can be substantial over your working lifetime. But to earn it, you must be able to work.

You can’t predict whether or when disability will strike. However, you can prepare in case it does, with a customized disability income insurance plan. This protection can replace a portion of your income to help you maintain your current lifestyle if you suffer a disability covered by the policy.

Next steps

Protect yourself and your lifestyle with disability income insurance from Ohio National. Start by calculating how much disability insurance you might need. Then, talk to a financial professional to help you develop a customized disability income insurance plan designed for you.

The statistics cited are provided in order to show general information about disabling conditions and the odds of becoming disabled. Disability income insurance policies contain terms under which benefits are paid as well as exclusions, limitations and reduction of benefits, which may result in a disability not being covered or covered only at a reduced benefit level or time period. The statistics cited for claims payments are not in any way derived from Ohio National disability income insurance products.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your licensed insurance agent.

D-457905 6-19

Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.

LOGIN