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How likely are you to need disability insurance?

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You may think that you'll never need disability insurance on the grounds that you're really not likely to become disabled, so paying for coverage is a waste of money. While the frequency of car accidents shows why auto insurance or health insurance can be so necessary, there is not nearly as much press about disabled workers, so a common myth is that becoming disabled is uncommon and policies usually go unused.

The reality, though, is quite different. According to the Social Security Administration, 25 percent of the workers in the United States who are 20 years old right now—just starting their careers—will not make it to 67 without becoming disabled.

The raw numbers seem to support this and show a significant financial impact. For instance, in 2012, over $9 billion was paid out in benefits to disabled workers. There were around 650,000 workers who fell into this category.

Certainly, the other side of the coin shows that most workers won't be disabled, as 75 percent will make it to 67—when many will retire—without an issue. However, a 25 percent disability rate is nothing that can be ignored. Clearly, it's a huge issue for hundreds of thousands of people.

Don't make the mistake of thinking that only a very small part of the population ever suffers these injuries and that it won't happen to you. Even if you're only 20 years old right now, the stats show that you do have a good chance of becoming disabled at some point in your life, and so it's important to know about all of your options, from insurance to making individual disability claims in California.

Source: Forbes, "5 Myths About Disability Insurance," Ashlea Ebeling, accessed Oct. 22, 2015

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