image of man and woman getting financial advice
Are you financially prepared for disability?

Sure, it is within the realm of possibility that someone could journey through life without so much as a nick from shaving and never miss a day of work. But then again, you would have to surmise that is one very fortunate person. And you would be right because the numbers tell a different story:

The Social Security Administration reports that 25% of today’s 20 year-olds will suffer a disability before they retire. And that likelihood increases with age.

Despite this statistic, the good news is that you can help protect yourself against the negative financial impact of a short or long-term disability.

To determine how prepared you are,
 start by considering your present needs and lifestyle.

What are your basic cash needs? Be sure to include setting some money aside every month for savings. That makes good sense when you consider that just $25 a week invested at 5 percent interest for 40 years will grow to about $165,000.

Having assessed your total cash needs, ask yourself: In the event of a disability, how long can you support your lifestyle if you are unable to work? One year? Two years? Perhaps three years? On the face of it 1-3 years may sound reassuring. So it will undoubtedly come as a surprise to learn that, according to the Council for Disability Awareness, Only 40 percent of US households have enough in liquid savings to cover at least three months of their recurring expenses, and only 28 percent can cover at least six months.

That is a sobering thought. But again, you can help mitigate this possibility with disability income insurance protection. Should you ever lose your ability to practice, Disability Insurance can replace a portion of your income with a monthly benefit for numerous covered disabilities that include: loss of mobility, cognition, hearing and vision problems. These health conditions account for 26% of disabilities in the U.S. — according to the Center for Disease Control and Prevention (cited 2022).

There’s no better time to prepare than now.

Medical practitioners are acutely aware of the fragility of life and how seemingly small accidents can have serious consequences. Yet sometimes, like the story of the shoemaker’s children who went barefoot, they may overlook taking basic preparations to help safeguard themselves and their families.

That is why — if you haven’t already — it may be wise to consider preparing for the possibility of a disabling accident or illness. In fact, you can accomplish that right now by visiting this link where you can learn about Disability Income Insurance available to eligible ACS Members, including coverage features, costs, eligibility, renewability, exclusions, and limitations; request a rate quote; and apply online. It is far easier to prepare now for disability than to face the financial challenges of being unprepared later.




Underwritten by New York Life Insurance Company, NY NY 10010, on group policy form GMR.