It should be obvious that wage earners want to protect what is most important to them. But for some reason, most people don’t see things that way when it comes to income. The ability to earn a paycheck doesn’t enter into many people’s thinking as something crucial to protect.
What can we do to make it more top-of-mind?
2014 Study from the Council for Disability Awareness shared this chart and these statements.
“My income is critical, but I’m not protecting it.”
Among a provided list of items adults commonly think of as important, 67% cited income among their top three choices, but only 28% believe it’s crucial to have insurance to protect it.
“I’ll take my chances.”
More than 20% of workers under 40 say they are more likely to win the big lottery jackpot than become unable to work due to illness or injury. The real odds: 1 in 259 million vs. 1 in 4.
“To know someone who becomes disabled is to feel their pain.”
People who know someone who’s unable to work for more than three months because of disability are 22% more likely to get income protection through disability insurance.
Whatever the reason, wage earners are leaving their financial well-being — and that of their families — at risk. the survey results indicate a need for relevant consumer education about the impact of losing one’s income, and what that means to them
and others around them. We need to dial up the call-to-action!
“Knowledge is Power.”
one-third of working adults would be more likely
to consider obtaining income protection if they knew more about it; that number rises to 40 percent for millennials.
“Why don't I have disability insurance? Lack of knowledge, lack of funds?”
the two most often cited reasons for not having disability insurance? younger workers say they really haven’t thought about it or just don’t know enough. older workers believe it costs too much.
“Money doesn’t grow on trees.”
Half of those surveyed said they’d tap savings or investments to pay their bills if they couldn’t work. However, 57% said they only had enough money to pay for 6 months or less of bills.http://www.disabilitycanhappen.org/research/pdfs/awareness2014.pdf