But an article I read recently shows that for baby boomers, there’s a dramatic rise in mobility-limiting disabilities.  The upward trend for baby boomers is shocking, because for adults 65 and over, the number of disabilities is actually declining. 

The study on which the article was based found that 40 percent of the people age 50 to 64 reported having trouble with at least one of nine physical functions that were surveyed.  These are basic things we do every day, like bending, kneeling, climbing 10 steps, or walking a quarter of a mile.  In addition, more baby boomers are finding that they have to rely on special aids, like canes or wheelchairs, than ever before.

The researchers weren’t really clear on the causes of this alarming increase in mobility-related disabilities for baby boomers.   More and more people are reporting problems with back and neck pain, and there’s a national epidemic of obesity that I believe is part of the problem as well.  Heart disease, diabetes, nerve, muscle and joint problems can all be tied back to poor diets and lack of exercise.

But whatever the reasons may be, one thing is clear:  this trend will have consequences that extend far into the future.  And that’s because, in general, we don’t get healthier as we age.  If we’re having big problems earlier in life, it’s to be expected that those problems will only get worse with time.  There will be an even greater need for disability coverage and for long term care coverage in the years ahead. 

I once heard a speaker give the following advice:  do what you have to, as fast as you can, so that you can do what you want to as long as you can.  If it’s time to make some changes in your personal life, like eating better, or getting more exercise, the best day to begin is today.  And if your financial life needs some work, the best time to begin that is today, too. 

Do you have your own disability income insurance policy?  Do you own long term care insurance?  The need is there, and the best time to secure your future is today.

Preparing for risk always begins with recognizing that there is one, and then calculating the chances that it will actually happen.  But, as an article that I read recently pointed out, “the odds of a disability are themselves odd.” 

Some sources will tell you that you have an 80% chance of suffering a disabling illness or injury in your lifetime.  Others put the chances closer to 50%, and still others as low as 30%.  The number you hear – the number you choose to believe – is what will make the biggest difference in how you choose to handle this particular risk.

I like to think of it this way:  if the weatherman says there’s a 100% chance of rain, you’ll grab an umbrella before you leave the house.  If he says the chance is 50%, you may or may not.  But the important thing is this:  you know that it does rain, once in a while, almost everywhere, and so at some point in your life you buy an umbrella.  Or several umbrellas. 

Whether the chances that you will suffer a disabling injury are 80%, or 50%, or 30%, you need disability insurance protection.  Because every year, in this country alone, 31 million people just like you get rained on.   Maybe it’s a passing sprinkle, like a sprained ankle; inconvenient, but something you can recover from.  Maybe it’s a thunderstorm, like a mild stroke; sudden, disrupting, but again, only temporary.  And maybe it’s a downpour that not only never stops, but gets worse as time goes on, like multiple sclerosis. 

Don’t let the fact that you get different numbers from different sources be the reason that you become complacent.  Accidents happen.  Illnesses do come.  And without disability income protection, you’re left not only disabled, but disabled without any income.  About a third of all U.S. employers provide disability insurance.  But, since that coverage is employer paid, the benefits are taxed, so if you’re out on disability, you may be forced to make ends meet on 40% of your predisability earnings.

Who would you turn to if you couldn’t work?  Don’t think that Social Security will rescue you, despite the fact that you’ve been paying into it for years.  It can take more than a year for your claim to even be processed, and even longer if your claim is rejected the first time around.  Workers compensation?  Such claims are paid much more quickly, but the vast majority of disabilities are not work related, so workers comp is not an option. 

What are the chances that you’ll suffer a disabling illness or injury in your lifetime?   No one really seems to know that.  But here’s one thing you can be certain about.  You are your best advocate and your ultimate safety net.  You can make sure that your financial future is secure.

If you don’t have your own disability income protection policy, now is a good time to apply for one.  We’ll help you find the right combination of coverage and premium so that you’re prepared for whatever happens, come rain or come shine!

I want to share with you these eye popping disability trends. The Council for Disability Awareness (CDA) conducts an annual review of long-term disability claims among the U.S. working population to determine continuing or emerging trends. The 2007 CDA Long-Term Disability Claims Review includes long-term disability insurance claims data from member companies and Social Security Disability Insurance (SSDI) program.

The five key trends are below:

1) The growth of serious disabilities among the U.S. working population continues to be alarming. Over the last 10 years, the number of U.S. workers with long-term disabilities has grown four times the increase in the number of workers in the U.S. workforce. The number of individuals receiving long-term disability insurance payments also continues to increase.

2) Working women and younger employees are more vulnerable to serious disability. The growth in the rate of serious disability for working women is twice the growth rate of disabilities among working men. More younger workers in their 20s, 30s and 40s are experiencing serious disabilities.

3) Favorable trends in cancer, cardiovascular/circulatory and nervous system-related long-term claims may be the result of advances in medical technology. The growth of musculoskeletal, connective tissue, mental disorder and accident/injury-related claims may be related, in some degree, to certain lifestyle choices and personal behaviors.

4) Social Security Disability Insurance approval rates declined to 37.6% in 2007, the lowest point in the history of the program, while applications for disability payments continued to increase, reaching 2.2 million. SSDI payments have not kept pace with the growing financial needs of disabled workers, putting the financial security of more workers and their dependents at greater risk.

5) Financial planning in the event of an income- limiting disability is becoming more critical and urgent for wage earners as the accountability for personal financial security continues to shift away from social programs and employers toward the individual worker.

It is even more evident to protect your most important asset i.e. “your income earning capacity”. Please contact BeamaLife Disability Insurance Specialist at (866) 972-3262 for your personalize quote and advice.

First, how much disability insurance do you have through your employer, and what other financial resources do you have? Other resources might include your savings, property or assets you could sell, borrowed money, or your spouse’s income. Now ask yourself if the combination of your employer-sponsored disability insurance and your other resources will be enough to pay your bills if you suddenly become disabled. Unless you’re independently wealthy, chances are good that your personal financial resources won’t carry you through a long-term disability. Also, the money you’ve saved is probably earmarked for goals other than disability for example your retirement savings or college savings. You might have to deplete these accounts to pay your bills.

Some employers do not offer long-term disability insurance. If your employer does, look closely at the policy. Review the monthly benefit and the length of the waiting and benefit periods. Is the monthly payment enough to pay your bills? The typical group policy covers 60 percent of your income, up to a maximum amount. Is income defined as your base salary, or does it include commissions and overtime? Most long- term disability income policy offered through your employer do not includes bonus payment.

How long is the waiting period in your employer’s disability policy? This is the length of time before any benefits are paid to you. Often, an employer’s disability policy coordinates with the company’s sick pay policy. You may have to use up all of your paid sick days before the disability policy begins to pay benefits. You need to plan on having cash available to cover any gaps in coverage.

If you decide to supplement your employer-sponsored policy with one of your own, make sure the two policies coordinate in ways that work for you. For example, if you need to increase the monthly benefit, be sure your own policy will pay concurrently with your employer-sponsored policy. 

Please call BeamaLife Specialists at (866) 972-3262 and they will help you to make the right decision.

Yes. If you have long-term disability coverage through a group plan offered by your employer, your premium will be the same as the premium of everyone else who participates in that plan. But, the premiums for everyone will depend on the general risks of the industry in which the employees work. If you’re buying an individual policy, your profession will also determine your premium. The difference is that many other personal factors will affect your premiums, such as your health, income, hobbies, and so on.
 
Common sense (and statistical data) indicates that some jobs are more dangerous than others. Construction workers, police officers, firefighters, and miners are more likely to be injured on the job than are architects, artists, or IT professionals. If you work in a high-risk occupation, you may be denied individual disability income insurance coverage altogether. Or, you may be offered it only at a very high premium. The insurance company will group your job in a risk category based on your duties and the industry’s claims experience with people in that occupation. All other factors being equal, the higher the claims rate by individuals in your profession, the higher your premiums for long-term disability insurance are going to be.

Visit BeamaLife for comparision, research and life insurance quotes.

• Workers today are 3 times more likely to suffer a long-term disability than die during their working years.
•  The average monthly Social Security Disability Income (SSDI) payment is $938, replacing on average, about 33% of current income.
• 32% of individuals receiving long-term disability insurance benefits do not qualify for SSDI benefits; 95% are not eligible for workers compensation.
• Two-thirds of American families live paycheck to paycheck; 70% of families can afford to be without a paycheck for one month or less.
• Disability is the leading cause of personal bankruptcies and causes nearly 50% of all mortgage foreclosures, compared to 2% by death.
(Source: The Council of Disability, The Long Term Disability Claims Review – 2005)

Think of disability income insurance as a strategy that can provide financial protection to help cover your expenses today if you become disabled and can’t work. Please call (866) 972 -3262 to speak with disability specialist or complete this disability insurance quote request. For term life rates or whole life quote, please complete life insurance quote request form now.