Michigan Disability Insurance and Statistics
Michigan Disability Insurance and Statistics
Let us keep in mind, we all think we are going to be healthy forever. But is that true? Michigan disability insurance is what I call the forgotten insurance. Consumers just do believe that a disability can happen to them. But let us look at statistics,
Three in 10 workers entering the work force today will become disabled before retiring.
Social Security Administration, Fact Sheet January 31, 2007
One in 7 workers can expect to be disabled for five years or more before retirement.
"Commissioners Disability Table, 1998," Health Insurance Association of America, the New York Times, February 2000
71% of American employees live from paycheck to paycheck.
American Payroll Association, "Getting Paid in America" Survey, 2008
Disability causes nearly 50% of all mortgage foreclosures, 2% are caused by death.
Health Affairs, the Policy Journal of the Health Sphere, 2 February 2005
Close to 90% of disabling accidents and illnesses are not work related.
National Safety Council, Injury Facts 2008 Ed.
Less than half - 39% - of the 2.1 million workers who applied for SSDI benefits in 2005 were approved.
Social Security Administration, Office of Disability and Income Security Program
Over 51 million Americans are classified as disabled, representing 18 percent of the population.
U.S. Census Bureau, Public Information Office, November 2008
So how does a Michigan disability insurance policy work? Well let us first say how much a policy pays out. That usually equals 65% percent of your income. However that only entails if your become disabled.
As you can see by the statistics above, a disability can happen to anyone. However, a lot of Michigan consumers do not realize in how many ways this can happen. Most people think of an accident, but many disabilities happen due to an illness that becomes to much.
Their are a handful of reputable insurance companies that offer disability. If you are considering a policy, I would tell you first to do your homework on each company. Second, find yourself a well respected disability insurance broker to discuss your options.
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