In our youth, we believe we’re invincible. In mid-life we become more cautious. In our advanced years, we may even change our lifestyle and/or give up doing certain things because of health issues or fear of getting hurt. In short, all three periods of our life contain risks. The question is how much risk are we willing to assume? Aren’t we taking risks if we don’t protect ourselves and our loved ones? Many people decide to “self-insure”. They assume the risk and, as you’ve probably been told by your customers, “I’ll take my chances”. Why do people throw caution to the wind and tempt fate with their lives and their livelihood? The fact is health issues and accidents do happen; however, most people are not prepared for the long-term effect (both physically and financially) that death or disability may have. Our world is changing rapidly and the state of things to come may put more people at risk. Did you ever think that you would be “housebound” for 3 months to avoid a pandemic? Take this one step further. Did you ever think you might need emergency surgery, need a minor procedure, or become ill for an undetermined period of time? These are all questions we need to think about as well as consider for our customers.
How could having a disability impact them? What does the long road to recovery look like? What day to day changes have to be made to ensure the least amount of inconvenience? Again, these are questions that need to be addressed and answered.
Let’s look at some staggering numbers. The average number of surgeries in the United States each year is approximately 51.4 million*. Yes, some of these are planned surgeries; however, many were due to emergencies. The numbers for out-patient surgeries** are also on the rise from 129 million in 2018 to 144 million predicted by 2023. In 2017 accidental deaths (unintentional injuries) reached 169,936*** representing number three on a list of Top 10 causes of death, (Heart Disease at number one and Cancer at number two). It’s plain to see that accidents are a leading cause of death.
Looking at disability, the number one cause for disability may surprise you. Heart disease, cancer, stroke, infectious disease and diabetes all make the list of 15 top causes for disability, but the number one cause is Arthritis****. Here’s a number that’s closer to home. Of the top 15 states reporting disabilities, Missouri comes in at number eight with 6.4%**** of its residents collecting disability benefits.
These statistics may paint an entirely different picture than what most of your customers realize. The question becomes how long their road to recovery may be and how prepared are they when unexpected death or disability occurs. Whether we’re in our 20’s, 40’s or 60’s, self-insuring is not a good financial plan. A good financial plan is protecting their debt and their lifestyle.
*Infomory.com
**Businesswire
***National Center for Health Statistics (Center for Disease Control)
****Cheatsheet.com
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