It’s amazing that many consumers believe they are infallible. “It won’t happen to me” or “I’ll take my chances” are two very common objections for Disability. Well, based on the “odds” below, they are taking a chance and hedging against the odds. It’s clear; they might not want to take that bet.
The most common causes of existing disability claims:
- Musculoskeletal/connective tissue disorder (over 30%)*
- Disorders of the nervous system and sense organs (over 14%)
- Cardiovascular/circulatory disorders (over 12%)
- Cancer (9%)
- Mental disorders (over 7%)
* This category includes claims caused by neck and back pain; joint, muscle and tendon disorders; foot, ankle and hand disorders, etc.
Approximately 90% of disabilities are caused by illnesses rather than accidents.
So, let’s put this in perspective. Are you prepared? The fact is that few American workers are financially prepared. How long could you afford to be without your income? Think about the following:
- Do you save any of your annual income? 48% of families don’t.
- Do you have private pension coverage? Most (over 50%) don’t.
- Retirement savings? Over 33% have none.
- 68% of Americans would find it very difficult or somewhat difficult to meet their current financial obligations if their next paycheck was delayed for even one week.
- 65% of working Americans say they could not cover normal living expenses, even for a year, if their employment income was lost; 38% could not pay their bills for more than 3 months!
Ask yourself this question…..if your employer would reduce your income by 40% (and still tax the 60% remaining income)…..what would have to change in your life? This could create a significant change to a family’s lifestyle!
Don’t make the decision for your customer, whether they are a long-time customer, or a new one…..educate them, explain how valuable and affordable protecting their credit, family and lifestyle can be with Disability protection on their loan. Don’t take that bet for the customer!