Group Disability
Long Term Disability insurance protects your employees' income in the event of a disability. In addition to merely providing insurance to replace lost income, most plans help employees to return to work when they are ready.
Premiums for disability insurance are surprisingly affordable and benefits can be tailored to meet the specific needs of your business.
The facts are unsettling: |
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Most people think they are insulated from a life-changing disability:"It won't happen to me." |
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| 25% Chance1The odds of a 20 year old becoming disbled before retirement. 7 in 10 workers2That's how many workers could not cover their normal living expenses for more than six months. 1,825 days3More than 1 in 5 workers will be disabled for 5 years or more during their working careers. 5 years of income reserves3That's how much savings may be needed for the 20% who become disabled long-term during their working careers. Every 90 seconds4That's how often someone files for bankruptcy in the wake of serious injury. |
Many people associate disability with accidental injuries. But, approximately 90% of dsabilities are caused by ilness rather than accidents.5 A recent industry study on the causes of disability found that fewer than 10% of long-term disability claims were caused by accidental injuries (as illustrated below). The single biggest cause is musculoskeletal problems, such as chronic back trouble. The same survey found that disability claims increase with age. More than one-third of long-term disability claims in 2008 and 2009 were from people age 50-59, by far the highest percentage of any group.
Want more information?
Click Here to download Ohio National Life's Disability Insurance Solutions Guides for for employer and individuals. |
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1Social Security Administration, Fact Sheet March 18, 2011. 2Council for Disability Awareness, Worker Disability Planning & Preparedness Study 2008. 3Commissioner's Disability Insurance Tables A and C, assuming equal weights by gender and occupation class. 4The American Journal of medicine, Vol. 122, No 8, Aug. 2009. |
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5Council for Disability Awareness, Long-Term Disability Claims Review, 2010. |
