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Wednesday, May 13, 2015

Help Your Customers Protect What Matters During Disability Insurance Awareness Month

If your customer is unable to work due to a disabling injury or illness what would happen to their ability to make their mortgage payment?
   
May is Disability Insurance Awareness Month. And, it’s the perfect opportunity to talk to your customers about the importance of protecting against the unexpected risk of a disabling illness or injury.
 
An Underestimated Issue
 
“According to recent industry studies many employees think their odds of becoming disabled for at least three months are only 1%1. It’s an underestimated issue. More than 25% of today’s 20 year olds will become disabled before they retire2,” says Ryan Frantzen, National Sales Director of Securian’s Financial Institution Group. “There is a major disconnect between what people think their risk of disability is and reality. That’s why we feel it is important for us to help financial institutions make customers aware of the risk.”
 
Consider the Gap
  • A recent U.S Department of Labor employee benefits survey revealed only one in three workers have access to a disability insurance plan through work3. 
  • Nearly 90% of disabilities are not work related and therefore are not covered by workers’ compensation.4
  • Of those who qualified for benefits, approximately 35% of disabled men and 56% of disabled women received less than $1,000 per month in Social Security disability income.5
Take Action

You can help reduce your customer’s financial burden in the event of an unexpected disability with mortgage disability programs designed to provide for payment of monthly mortgage loan payments. Start the conversation by asking your customer who’s taking out a mortgage to imagine how their family would pay for their home without their paycheck.

If you have any questions about our program options, please contact Ryan Frantzen at 651-665-1497 or ryan.frantzen@securian.com.
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1CDA. 2013 Employer Disability Awareness Study, p.6.

2U.S. Social Security Administration, Fact Sheet February 7, 2013.

3Source: Employee Benefits Survey, U.S. Bureau of Labor Statistics, March 2015

4Facts from LIMRA, 2014 Disability Insurance Awareness month, October 2014

52014 Council for Disability Awareness Long Term Disability Claims Review