Set for Life Blog

Disability Insurance Discounts at Good Samaritan Hospital

December 23rd, 2011

Disability Insurance Discounts Are Now Available at Good Samaritan Hospital in Lebanon, PA. These discounts are also available to all employees including CRNAs and anesthesiologists.

The discounts provide unisex rates as well as an employer sponsored discount. For women, the discounts are approximately 55% off the identical, non-discounted policy. For men, the discount translates to 20% off the non-discounted policy.

CRNA students within 180 days of graduation may purchase up to $4000/month benefit regardless of income and without an employment contract.

Policy provisions include:

  • ·         Own occupation definition of disability covering you if you can’t work in your medical specialty.
  • ·         Permanent discounts that apply to future increases.
  • ·         Premiums are guaranteed to age 65.
  • ·         A+ Rated company.
  • ·         No exclusions or limitations.
  • ·         Ability to increase the policy to $15,000/month benefit without further medical underwriting.

For more information about disability insurance for CRNAs, discounts at Good Samaritan Hospital or to request a personalized quote comparison, please contact the Set for Life office today!

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The Need for Disability Insurance

December 16th, 2011

A disability can happen to anyone…at any time.

  • In the last 10 minutes, 490 Americans became disabled.
    - National Safety Council®, Injury Facts® 2010 Ed.
  • In 2008, there were 2.1 million disabling injuries caused by a motor vehicle accident; there were 39,000 fatal motor vehicle accidents. 
    - National Safety Council®, Injury Facts® 2010 Ed.
  • In the U.S., a disabling injury occurs every 1 second, a fatal injury occurs every 4 minutes.
    - National Safety Council®, Injury Facts® 2010 Ed.
  • In the home a fatal injury occurs every 12 minutes and a disabling injury every 3 seconds.
    - National Safety Council®, Injury Facts® 2008 Ed.
  • There is a death caused by a motor vehicle crash every 12 minutes; there is a disabling injury every 13 seconds.
    - National Safety Council®, Injury Facts® 2008 Ed.
  • The probability of a white-collar worker becoming disabled for 90 days or longer between the ages of 35 and 65 is 27% for men and 31% for women.
    - Millman, sponsored by Life and Health Insurance Foundation for Education (LIFE), “The Real Risk of Disability in the United States”, 2007 (http://www.lifehappens.org/pdf/Real-Risk-of-Disability-paper-FINAL.pdf)
  • 43% of all people age 40 will have a long-term disability event prior to age 65.
    - JHA Disability Fact Book, 2008
  • 51.2 million Americans have some level of disability. They represent 18% of the population.
    - U.S. Census Bureau, July, 2006
  • The number of disabled workers in America has risen by 35% since 2000.
    - Social Security Administration, 2007
  • Almost 3 in 10 workers entering the workforce today will become disabled before retirement.
    - Social Security Administration, Fact Sheet, January 31, 2007
  • In 2007, the employment rate of working-age people with disabilities in the U.S. was 36.9%.
    - U.S. Census Bureau, American Community Survey, 2007
  • A new Harvard University report reveals that 62 percent of all personal bankruptcies filed in the U.S. in 2007 were due to an inability to pay for medical expenses.
    - June 4, 2009. The American Journal of Medicine
  • Unfortunately, most Americans have little understanding of the likelihood of experiencing a disability. A recent CDA survey of workers found:
    • 90 percent underestimate their own chances of becoming disabled.
    • 85 percent express little or no concern that they might suffer a disability lasting three months or longer.
    • 56 percent do not realize that the chances of becoming disabled have risen over the past five years.
      - Council for Disability Awareness, 2007 Disability Awareness Survey

For more information about disability insurance or to request a disability insurance quote comparison, contact Set for Life Insurance.

 

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Most Americans Can’t Afford to be Disabed

December 15th, 2011

Retirement Protection and American Savings Patterns

  •         A new study that surveyed 1,900 Americans found:

    • 50% of Americans said they “certainly would not” or “probably would not” be able to come up with $2,000 in the event of an unanticipated event, such as an unexpected medical bill.  
    • The majority said they would have to rely on more than one method to come up with the emergency funds.
      • 60% said they would dip into savings
      • 34% said they would have to ask family and friends for help
      • 29% said they would have to resort to credit cards, a home equity line of credit, reverse mortgage or unsecured loan
        - Lusardi, Annamaria, Daniel Schneider, and Peter Tufano. “Financially Fragile Households: Evidence and Implications.” The National Bureau of Economic Research. Bulletin on Aging and Health, May 2011. Web. <http://www.nber.org/papers/w17072>.
  • In 2007, the median income of households that include any working-age people with disabilities in the U.S. was $38,400.
    - U.S. Census Bureau, American Community Survey, 2007
  • Over 70% of working Americans do not have enough savings to meet short-term emergencies.
    - National Investment Watch Survey, A.G. Edwards Inc., 2004
  • Over 50% of the workforce has no private pension coverage and a third have no retirement savings.
    - Social Security Administration, Fact Sheet 2007
  • 71% of American employees live from paycheck to paycheck.
    - American Payroll Association, “Getting Paid in America” Survey, 2008
  • Only 40% of adult Americans have separate emergency savings funds.
    - National survey commissioned by the Consumer Federation of America (CFA) and carried out by Opinion Research Corporation, February 2007
  • More than 35% of workers with 401(k) or IRA plans have not thought about or don’t know what would happen to their contributions if they were unable to earn an income for a period of time.
    - Council for Disability Awareness, 2007 Disability Survey
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Causes of Disability Claims

December 14th, 2011

  • 90% of disabilities are caused by illnesses.
    - JHA Disability Fact Book, 2008 Edition
  • Over 85% of disabling accidents and illnesses are not work related.
    - National Safety Council®, Injury Facts® 2008 Ed.
  • While many people think that disabilities are typically caused by freak accidents, the majority of long-term absences are actually due to illnesses, such as cancer and heart disease.
    - Life and Health Insurance Foundation for Education November, 2005
  • For insured men and women in their prime working years (30-59), the medical conditions causing the most disabilities are cardiovascular problems, musculoskeletal conditions and cancer. One notable exception is the impact of pregnancy on female disability risk. Among women ages 30-39, disabilities due to pregnancy (mostly complications of pregnancy) are the most prominent claim type.
    - Millman, sponsored by Life and Health Insurance Foundation for Education (LIFE), “The Real Risk of Disability in the United States”, 2007 (http://www.lifehappens.org/pdf/Real-Risk-of-Disability-paper-FINAL.pdf)
  • Stroke is a leading cause of serious long–term disability.
    - Centers for Disease Control and Prevention, 2007
  • Common causes of individual disability insurance claims are: 
  • According to Council for Disability Awareness research, the most common causes of existing long-term disability claims in 2010 included:diseases of the musculoskeletal system and connective tissue (30.1% of all existing claims), diseases of the nervous system and sense organs (13.4%), diseases of the circulatory system (12.7%) and cancer (8.4%).
    - 2011 Long-Term Disability Claims Review, Council for Disability Awareness
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The Duration of a Disability

December 13th, 2011

  • The average duration of a long-term disability is 30 months.
    - JHA Disability Fact Book, 2006
  • Nearly 1 in 5 Americans will become disabled for 1 year or more before the age of 65.
    - Life and Health Insurance Foundation for Education. November 2005
  • Three out of 10 workers between the ages of 25 and 65 will experience an accident or illness that keeps them out of work for 3 months or longer.
    - Social Security Administration, Fact Sheet, January 31, 2007
  • Nearly 1 in 3 Americans ages 35-65 will become disabled for more than 90 days
    - 2005 Field Guide to Estate Planning, Business Planning & Employee Benefits, by Donald Cady
  • Disability claims are lasting longer than in the past. Companies attribute this to several factors: the poor economic climate, the relatively greater severity and complexity of disabling conditions compared to those in the past, and the difficulty in returning qualified, willing claimants to work when few jobs are available for them to return to. The aging of the U.S. workforce may also be a factor.
    - 2011 Long-Term Disability Claims Review, Council for Disability Awareness
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