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Why is Disability insurance so expensive?

As a working American, besides owning health insurance, disability insurance is arguably the most important coverage. The answer can be found in the statistics below

 

It happens more often than you'd imagine:

  • Just over 1 in 4 of today's 20 year-olds will become disabled before they retire.1
  • Over 37 million Americans are classified as disabled; about 12% of the total population.More than 50% of those disabled Americans are in their working years, from 18-64.2
  • 8.8 million disabled wage earners, over 5% of U.S. workers, were receiving Social Security Disability (SSDI) benefits at the end of 2012.3
  • In December of 2012, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving SSDI benefits. 3

Chances of becoming disabled:

  • A typical female, age 35, 5’4", 125 pounds, non-smoker, who works mostly an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has the following risks:
    • A 24% chance of becoming disabled for 3 months or longer during her working career;
      • with a 38% chance that the disability would last 5 years or longer,
      • and with the average disability for someone like her lasting 82 months.
    • If this same person used tobacco and weighed 160 pounds, the risk would increase to a 41% chance of becoming disabled for 3 months or longer.
  • A typical male, age 35, 5’10", 170 pounds, non-smoker, who works an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has the following risks:
    • A 21% chance of becoming disabled for 3 months or longer during his working career;
      • with a 38% chance that the disability would last 5 years or longer,
      • and with the average disability for someone like him lasting 82 months.
    • If this same person used tobacco and weighed 210 pounds, the risk would increase to a 45% chance of becoming disabled for 3 months or longer.

Article above from the Council for Disability Awareness

BRBG Disability carriers include
Ohio National
Guardian
Principal
Aflac
Boston Mutual
Transamerica

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