May is Disability Insurance Awareness Month (DIAM), an important time to highlight the critical role disability insurance plays in protecting the financial well-being of American workers and their families. NAIFA is committed to raising awareness and educating about the necessity and value of disability insurance.

NAIFA proudly participates in Disability Insurance Awareness Month, a national initiative led by Life Happens. Through this campaign, we provide financial professionals with resources to educate their clients about the importance of disability insurance, helping them secure critical protection against unforeseen financial challenges.

Research indicates that one in four Americans will experience a disability during their working years, yet only 14% currently own individual disability insurance coverage. This gap leaves millions at risk of financial hardship if an illness or injury prevents them from working.

Common misconceptions often deter people from obtaining disability insurance. Some believe they're adequately covered by employer-provided plans, but these typically end when employment does and are offered by only about 40% of employers. Young and healthy workers might feel immune to disability, but Social Security Administration data show that one in four of today's 20-year-olds will face a disability before retirement. Others assume disability insurance is only necessary for high-risk jobs, overlooking that anyone can become disabled due to accidents or health issues, regardless of their profession.

Cost concerns also contribute to the hesitancy in obtaining coverage. However, disability insurance policies can be tailored to fit various budgets, with premiums influenced by factors like the desired benefit amount, policy duration, occupation, health status, and age.

This year's DIAM emphasizes the urgency and importance of understanding and obtaining disability insurance: "Disability Insurance: It’s time to learn about how important it is and then get the coverage you need." Education is essential, people will only protect themselves if they understand what disability insurance is and why it matters.

We encourage NAIFA members to leverage the DIAM resources provided by Life Happens, which are available as a key benefit of NAIFA membership. By working together to enhance financial literacy around disability insurance, we can help more Americans safeguard their income and financial future.

Protecting income is essential. Disability insurance is the financial safety net every working American should have.