It is Disability Awareness Month – Are you aware of the financial impact a disability can have for you and your family?

Every minute, 50 individuals suffer a disabling Injury.*

Nearly one in five Americans will become disabled for 1 year or more before the age of 65.**

54.5% of personal bankruptcies are the Result of Medical Problems.***

Disability Awareness copy

What do these statistics mean for you and your loved ones? Did you know you can you protect yourself from this potential risk without disrupting your and your family’s lifestyle?

Many executives are unaware of how much disability income coverage they receive through their employer. Most people assume they have coverage at 60% of pay. However, many benefit plans have a maximum of 10k/month or 15k/month.

Let’s consider this real life scenario:

If an executive earning $500k were to become disabled, he or she might only receive $15k/month benefit, which would cover $300k of salary. In addition, these group plans are often designed such that the benefits are taxable to the executive when received and thus they really only net about 40% of pay.

As this is Disability Awareness month, we want to remind you to find out your level of coverage and determine its limitations.

There are supplemental plans that can be added and there are options to amend your contract to make the payouts tax-free.

Contact us to ensure you have the coverage you need to give you peace of mind. We are here to listen.


*National Safety Council, Injury Facts, 2008 Edition, Page 2.

**Life and Health Insurance Foundation for Education, “Disability Insurance: Who Needs it?” 2007.

***Health Affairs: The Policy Journal of the Health Sphere: “Medical Bankruptcy: Myth Versus Fact, “  February 28, 2006.