During your working years, what is your greatest financial asset? Your house? Your retirement plan? Nope. It’s your ability to work. If you were to become disabled today, what would your income look like moving forward? We insure our homes and cars (albeit by legal requirement). But do we protect our abilities to work? Unfortunately, not often enough.
According to the Council for Disability Awareness:
- Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.
- Over 36 million Americans are classified as disabled (approximately 12% of the total population). Over 50% of those disabled are between the ages of 18 and 64.
- 8.3 million disabled wage earners (over 5% of US workers) were receiving Social Security Disability (SSDI) benefits as of March 2011.
- In December 2010 there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits.
Furthermore, a non-smoking, 5’4”, 125lb, 35-yr old female who leads a healthy lifestyle and who works mostly an office job with some outdoor responsibilities has a 24% chance of becoming disabled for at least 3 months during her working career with a 38% chance that the disability will last 5 years or longer. If she were to use tobacco and weigh 160lbs, her risk increases to 41% of being disabled 3 months or longer.
Now let’s look at a 35-yr old male who’s 5’10” and 170lbs with the same lifestyle and job as the above female example. He has a 21% chance of becoming disabled for 3 or more months, with a 3% chance that the disability would last at least 5 yrs. Should he weight 210lbs and use tobacco, his risk would increase to a 45% chance of being disabled for 3 or more months.
You can calculate your own Personal Disability Quotient at:
To learn more about how you can reduce your risk of a disability, go to:
And to speak with a Greco Planning Group partner about how you can insure your greatest asset – your ability to work – call 631.390.4300.
Amanda W. O’Neal
Director of Underwriting