Some Facts About Disability Insurance
The idea that you could become disabled due to an illness or injury might seem remote. But no matter how many times you tell yourself “It will never happen to me,” there’s no getting around the fact that it does happen every day to people just like you.
The likelihood of a 20-year-old worker being disabled before they retire is more than 1 in 4.1
If this statistic seems high, it’s important to keep in mind that 90% of all disability claims are the result of common illnesses such as stroke or cancer, not random accidents. That’s why it makes so much sense to protect yourself and your loved ones from the financial impact a disability could have during your working years. After all, how long would you be able to make ends meet if you were out of work for a month, a year or possibly even longer?
The average disability claim lasts almost three years.2
While Social Security may seem like the obvious solution, benefits are limited to long-term disabilities, and there is a six-month waiting period before payments begin. Even then, the income received may not be enough to cover a mortgage, pay medical bills or meet other day-to-day needs. The average benefit paid by Social Security Disability Insurance (SSDI) is less than $1,400 a month.3
Only 3% of disabling accidents and illnesses are work-related, so 97% of disability claims are not covered by workers’ compensation.4
Workers’ compensation also provides disability benefits. However, not all employers are required to participate. An individual only qualifies for benefits if injured on the job or becomes seriously ill due to a work-related activity. Injuries or illnesses outside work are generally not covered under this program.
Most workplace policies are not portable, so you can’t take this coverage with you if you switch employers.
While you may have access to disability insurance through your job, these policies are designed for a wide range of applicants and may not have all the features and benefits you need.
It’s easy to see why you should consider HPSO Group Disability Insurance. It stands on its own and is flexible enough to be an extra safeguard for those who want more financial security.
As an APTA member, you’re eligible to apply for HPSO‑sponsored Group Disability Insurance underwritten by New York Life Insurance Company. Benefits of up to $10,000 a month5 are available, paid on top of any employer-provided disability coverage you might already have. Plus, APTA Members can now save 50% in the form of a premium credit!
NEW – Save 50% with a premium credit for members from New York Life Insurance Company.6
(No need to provide an email address or phone number to see your cost.)
Just answer 2 short questions to see your personal cost quote in seconds. If you like what you see, apply online at your convenience.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Source: Social Security Administration, https://www.ssa.gov/disabilityfacts/facts.html (viewed 6/30/24)
2 Source: Council for Disability Awareness, https://disabilitycanhappen.org/overview/ (viewed 6/30/24)
3 Source: Monthly Statistical Snapshot, Social Security Administration, June 2023
4 Source Injuries, Illnesses, and Fatalities, U.S. Bureau of Labor Statistics, January 2022
5 Benefits under this policy combined with benefits from all other sources may not exceed 66 2/3% of your basic monthly pre-tax income.
6 Premium credits are based on the programs favorable financial performance and therefore cannot be guaranteed. The current credit of 50% is in effect through 6/30/2026 and will be reflected on your premium statement.
7 Including information on features, costs, eligibility, renewability, limitations and exclusions.
6796502.1
Some Facts About Disability Insurance
The idea that you could become disabled due to an illness or injury might seem remote. But no matter how many times you tell yourself “It will never happen to me,” there’s no getting around the fact that it does happen every day to people just like you.
The likelihood of a 20-year-old worker being disabled before they retire is more than 1 in 4.1
If this statistic seems high, it’s important to keep in mind that 90% of all disability claims are the result of common illnesses such as stroke or cancer, not random accidents. That’s why it makes so much sense to protect yourself and your loved ones from the financial impact a disability could have during your working years. After all, how long would you be able to make ends meet if you were out of work for a month, a year or possibly even longer?
The average disability claim lasts almost three years.2
While Social Security may seem like the obvious solution, benefits are limited to long-term disabilities, and there is a six-month waiting period before payments begin. Even then, the income received may not be enough to cover a mortgage, pay medical bills or meet other day-to-day needs. The average benefit paid by Social Security Disability Insurance (SSDI) is less than $1,400 a month.3
Only 3% of disabling accidents and illnesses are work-related, so 97% of disability claims are not covered by workers’ compensation.4
Workers’ compensation also provides disability benefits. However, not all employers are required to participate. An individual only qualifies for benefits if injured on the job or becomes seriously ill due to a work-related activity. Injuries or illnesses outside work are generally not covered under this program.
Most workplace policies are not portable, so you can’t take this coverage with you if you switch employers.
While you may have access to disability insurance through your job, these policies are designed for a wide range of applicants and may not have all the features and benefits you need.
It’s easy to see why you should consider HPSO Group Disability Insurance. It stands on its own and is flexible enough to be an extra safeguard for those who want more financial security.
As an APTA member, you’re eligible to apply for HPSO‑sponsored Group Disability Insurance underwritten by New York Life Insurance Company. Benefits of up to $10,000 a month5 are available, paid on top of any employer-provided disability coverage you might already have. Plus, APTA Members can now save 50% in the form of a premium credit!
NEW – Save 50% with a premium credit for members from New York Life Insurance Company.6
(No need to provide an email address or phone number to see your cost.)
Just answer 2 short questions to see your personal cost quote in seconds. If you like what you see, apply online at your convenience.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Source: Social Security Administration, https://www.ssa.gov/disabilityfacts/facts.html (viewed 6/30/24)
2 Source: Council for Disability Awareness, https://disabilitycanhappen.org/overview/ (viewed 6/30/24)
3 Source: Monthly Statistical Snapshot, Social Security Administration, June 2023
4 Source Injuries, Illnesses, and Fatalities, U.S. Bureau of Labor Statistics, January 2022
5 Benefits under this policy combined with benefits from all other sources may not exceed 66 2/3% of your basic monthly pre-tax income.
6 Premium credits are based on the programs favorable financial performance and therefore cannot be guaranteed. The current credit of 50% is in effect through 6/30/2026 and will be reflected on your premium statement.
7 Including information on features, costs, eligibility, renewability, limitations and exclusions.
6796502.1
