Knowing the facts about disabilities can underscore just how important it is to have disability insurance coverage. To this end, below, we have presented some essential facts to understand about disabilities.
Disabilities & Disability Insurance: Here’s What You Should Know
1 – About 25 percent of workers in their 20s will be disabled before they retire.1
In other words, a disability will prevent about 1 in every 4 young workers from ending their careers with retirement. This shows just how important it is for young workers (and workers of any age) to plan ahead and put some protections in place now so that they have financial resources to rely on in the future if they end up becoming disabled. If your employer offers a disability insurance benefit, you should enroll. Even if you are asked to pay for part or all of the premium for such insurance coverage, you should consider doing so.
2 – Chronic, common illnesses are the basis for the vast majority of disability claims.
In fact, approximately 90 percent of disability claims are associated with illnesses, rather than injuries caused by an accident.1 Specifically, some of the top illnesses that result in disabilities to American workers include:
- Heart disease
- Back injuries
- Multiple sclerosis
- Alzheimer’s and/or dementia.
While this may be surprising, it can elucidate just how any worker – not just those in more dangerous occupations – can become “disabled” and, consequently, can end up needing to rely on disability insurance for financial support in the future. The vast majority of denied disability claims handled by our office involve chronic disorders, diseases and illnesses, not traumatic injuries.
3 – Most workers are not prepared to support themselves in the event of a disability.
Research has shown that close to 60 percent of American workers – or 3 in every 5 employed people – do not have any private disability insurance coverage. What may be more concerning than this is the fact that many people also do not have sufficient savings to support themselves without a regular paycheck for more than a couple of years at most.
The bottom line here is that the ability to earn an income is likely the most important financial resource you have. Make sure you protect it with disability insurance. And, if you have disability insurance coverage that a provider has failed to honor, contact Attorney Shawn McDermott today.
Contact a Denver Disability Insurance Lawyer at McDermott Law, LLC Today
Want to find out if your disability insurance policy fully protects you? Or do you need help securing disability benefits? If so, it is time to contact Colorado Disability Insurance Lawyer Shawn E. McDermott. Dedicated and experienced, Shawn McDermott has a record of success when it comes to helping people:
- Stand up to insurers
- Fight denied insurance claims
- Obtain the full amount of benefits to which they are entitled.
To learn more about how the disability insurance attorneys at McDermott Law, LLC can help you, set up a complimentary consult with our office today by calling us at 303-964-1800 or by emailing us using the contact form on this screen.
From our offices in Denver, we provide the highest quality legal services to disabled people throughout the state of Colorado, the surrounding states and nationwide.
1: According to the Council for Disability Awareness, a non-profit organization