fear, stats and buying disability insurance
DESCRIPTION
As the new president of the Council for Disability Awareness, I'm about to give my first presentation on behalf of my organization. I've given hundreds -- if not over 1,000 -- presentations in my life, but I had to stop and pause when I reflected on how I would represent the CDA.TRANSCRIPT
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Making Waves:Disability and Consumer Awareness
Carol HarnettPresidentCouncil for Disability Awareness
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Five Elements of Our Story
•The Characters
•The Setting
•The Plot
•The Conflict
•The Resolution
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THE CHARACTERS
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Now
Employer
Insurance Company
Employee
Agent/
Broker/
Consultant
Financial Advisor
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Now Near-Term Future
Employee/
Consumer
Insurance Company/
Private Exchange
Financial Advisor
Agent/
Broker/
Consultant
Employer
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THE SETTING
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Disability Trends
ACA
SSDI
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THE PLOT
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Sell versus Buy
Fear versus . . .
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THE CONFLICT
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Medical
70% Retirement
64% Life
57%STD
40% LTD
33%
Private Sector Employees With Access to Employer-Sponsored Benefits
U.S. Department of Labor Bureau of Labor Statistics, Employee Benefits Survey, March 2013
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Consumer Viewpoint
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Consumers report their income is critical
84%
67% 67%
29%18%
13% 10% 8% 5%
Importance, % ranked 1st 2nd or 3rd highest
Source: CDA survey of working consumers, May 2014
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More working consumers aware of their potential to be out of work, but . . .
50%59%
31%
59%68%
45%
20102014
Source: CDA survey of working consumers, May 2014
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Employees think they’re covered for income loss by some other source
Employer payments for sick leave and vacation
Disability insurance payments
Your spouse or partner's income
Debt
Help from friends or family
Selling possessions
Retirement savings account
Government programs
Household savings
42%
38%
36%
34%
32%
32%
31%
30%
24%
Income source, % ranked 1st 2nd or 3rd highest
Source: CDA Disability Divide Awareness Study, 2010
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Consumer Beliefs About Costs
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THE RESOLUTIONTHE FUTURE OF CDA
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Opportunities
• Millennials 13% have disability insurance compared with
37% of 30-49 year olds*
• Singles Majority of American adults (50.2%) are single –
first time since BLS began recording this data Tend to be more self-reliant**
• Changing How We Tell the Story
A N O P P O R T U N I T Y F O R A D V I S O R S
* Source: Dan Kadlec, Why Millenials Resist Any Kind of Insurance, Money, 8/27/2014. Accessed on 9/14/2014: http://time.com/money/3178364/millennials-insurance-why-resist-coverage/
** Source: The Most Popular Lifestyle in America: The single paradigm shift. Examiner, 9/10/2014. Accessed on 9/14/2014: http://www.examiner.com/article/the-most-popular-lifestyle-america-the-single-paradigm-shift
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How does CDA Help?• Interactive tools and calculators
• Content that can be repurposed on your website and social media
• Disability trends, research and data
• Personal disability stories
A N O P P O R T U N I T Y F O R A D V I S O R S
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Personal Disability Quotient Earnable Income Quotient
www.whatsmyeiq.org
C A L C U L A T O R S
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Personal Disability Quotient Earnable Income
Quotient
C A L C U L A T O R S
New paper version:•Good for enrollment meetings
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CDA Member Companies