The Need for Disability Insurance

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  • Workers’ rankings of the most valuable activities to achieve long-term financial security:
  • 40% of employees indicated protecting financial assets due to an unexpected event as a main concern.
    – The Principal Financial Well-Being IndexSM, First Quarter 2009
  • 68% of employees surveyed said good employee benefits encourage them to work harder and perform better; 61% said good benefits keep them working for their current employer.
    – The Principal Financial Well-Being IndexSM, 2010
  • Fewer than one in three (29%) U.S. workers have private long-term disability coverage
    – National Compensation Survey, Bureau of Labor Statistics, 2006
  • 33% of workers have access to long-term disability insurance through their jobs.
    – Employee Benefits Survey, The Bureau of Labor statistics, March 2009
  • Only 30% of American workers in private industry currently have access to employer-sponsored long-term disability insurance coverage.
    – National Compensation Survey: Employee Benefits in Private Industry in the United States, U.S. Department of Labor, Bureau of Labor Statistics, March 2006.
  • The odds of selling a product to a new customer are 15 percent, while the odds of selling to an existing customer are 50 percent.
    – Raymond Adamson, Cross-Sell to Success, Advisor Today, March 2005
  • The top reason producers are not selling IDI is because their clients do not ask about the product.
    – LIMRA International, “Producer Perspectives on Individual Disability Insurance”, 2009
  • Despite the fact that more than 70% of American households rely on two incomes to make ends meet, only 26% of Americans have any type of disability insurance.
    – Facts from LIMRA May 2010 Multimedia Fact Sheet, based on findings from LIMRA’s life insurance consumer studies.
  • Only 18% of consumers recall being approached about buying disability insurance – less than half as many as those being approached for life insurance.
    – Facts from LIMRA May 2010 Multimedia Fact Sheet, based on findings from LIMRA’s life insurance consumer studies.
  • Only 13% of small business owners have disability income insurance.
    – Facts from LIMRA May 2010 Multimedia Fact Sheet, based on findings from LIMRA’s life insurance consumer studies.
  • Who buys disability insurance? While men represent the majority of new sales, sales to females grew at a slightly faster rate than sales to males in 2008.
    Older age groups bought more policies in 2008, with an increase in both the 50-59 and 60+ age groups.
    – Facts from LIMRA May 2010 Multimedia Fact Sheet, based on findings from LIMRA’s life insurance consumer studies.

Please contact Set for Life Insurance for more information about individual disability insurance and to request a personalized quote comparison

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