Washington, D.C. (May 13, 2009) — The American Council of Life Insurers (ACLI) joins the LIFE Foundation in urging all Americans to evaluate their disability insurance needs during Disability Insurance Awareness Month in May.
“A serious injury or illness can be devastating to your family’s financial security,” said ACLI President and CEO Frank Keating. “If you are a family breadwinner and are unable to work, who will take care of your family’s living expenses?”
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 also pay for training or other assistance a person may need to return to work.
“A serious disability can occur more often than people realize. 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.
“Often times, workers who experience a disability must deplete savings meant for their children’s education or their retirement in order to make ends meet. Benefits from a disability income insurance policy can help people avoid depleting these hard-earned savings.”
Many disability income insurance policies are offered as part of an employee group benefit package. Consumers also can work with an insurance professional to purchase an individual disability insurance policy on their own.
“During Disability Awareness Month, we urge all Americans to take time to assess their ability to deal with a serious disability. An insurance or financial professional can help them find a policy, or they can 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 at 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 340 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 94 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.