The financial impact of a disability – equal to lost income plus expenses – can be as high as nearly $1 million for a 40-year-old single male earning $50,000 per year…nearly 20 times his pre-disability earnings.
$7.9 billion in long-term disability insurance claim payments were made to disabled individuals by CDA member companies in 2008; claims have increased annually an average of 4% since 2004.
More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.
The most common reasons for long-term disability claims are:
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