Duration of DisabilityWhy should you consider long term disability insurance? Ninety days is a long way to go without income. That would, most likely, put a serious drain on savings. One’s credit might suffer or worse yet, one’s entire livelihood could suffer.
Chances are, a disability that lasts at least 90 days will extend much longer. Here are some statistics:
Average Duration of a Long Term Disability at Various Ages (Disabilities lasting 90 days or more)
Source: 1985 Commissioners’ Disability Individual Table A
It may surprise you that only 14% of disability insurance claims are caused by injuries, most are caused by illness. Thus the ratio of claims because of illness is six times more likely to come from illness. (1) Fact: In 1995, 43% of individuals needing long-term care were children and working adults (as reported in Long Term Care: Diverse, Growing Population Includes Millions of Americans of All Ages by the U.S. General Accounting Office in 1995.) (1) Disability Statistics Abstract Number 16 (September 1996) Published by the Disability Statistics Rehabilitation Research and Training Center, University of California San Francisco, and The National Institute on Disability and Rehabilitation Research (U.S. Department of Education).
Additional Long Term Care Strategies
What Is Likelihood of Disability Long Term Care - Shocking Facts Long Term Care - What is Right for You?
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