Washington, D.C. (May 6, 2008) — The American Council of Life Insurers joins the LIFE Foundation in urging all Americans to evaluate their disability insurance needs during Disability Insurance Awareness Month in May.
“A serious illness or injury can have a major impact on your ability to work and meet your family’s living expenses,” said American Council of Life Insurers (ACLI) President and CEO Frank Keating.
Disability income insurance helps people pay living expenses while they are unable to work. It offers paycheck protection – providing cash for spending on mortgage payments or rent, groceries, utility bills, car payments, and more. A policy may pay for training or other assistance a person may need to return to work.
“The need for this vital protection is clear. Studies show that 3 out of every 10 workers entering the workforce can expect to become disabled before retirement. And about 1 in 7 people can expect to be disabled for five years or more before retirement,” Keating said.
“Disability income insurance can help people avoid depleting hard-earned savings meant for their children’s education or their retirement.
“During the month of May, we hope all Americans take time to evaluate their readiness to deal with a serious disability. They can work with an insurance or financial professional or speak to their benefits manager at work to see if coverage is available through their employer,” Keating said.
ACLI developed a brochure to help consumers understand how disability income insurance can play an important role in their financial plans. The brochure is available on www.acli.com.
For more information on disability insurance and Disability Insurance Awareness Month, visit the LIFE Foundation’s Web site at www.lifehappens.org.
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.