Communicating the Risk of Long-Term Disability continued
buyer make an appropriate decision concerning his or her own
risk of disability.
There’s a common misconception that unusual and fairly
rare accidents create most of the disabilities that remove a person from the workforce. However, illness is the main cause of
nonoccupational long-term disability. Cancer, heart disease,
and diabetes are the highest-ranking causes of disability not
arising out of a job.
According to data recently compiled by the Council for Disability Awareness, 1 in 7 workers will experience a period of
disability lasting five years or more. This is a profoundly more
detailed combination of probability and severity data than was
presented in the past. But more is needed, including a further
breakdown of the incidence of nonoccupational disability
based on duration and on the probability associated with that
duration. Data based on six-month intervals up to five years of
disability would paint a substantially better picture of disability
risk in the working years.
Creating Social Context
Enhanced valid and reliable data concerning long-term disability will not by itself lead to better financing of the risk through
insurance. The growing field of risk communications argues
that social context must be recognized in gauging how individuals hear and understand risk and in identifying what drives
them to take concrete action, such as buying insurance.
Social context is a multidimensional concept and has no single accepted definition. Its elements might include personal
relationships, whether new or long-standing (such as what exists between an insurance agent and his or her customer), and
the degree of trust for the source of the disability statistics. How
the data are shared might be a factor, whether in a face-to-face
discussion or through company sales materials. Even the best
Financial illiteracy hurts
That's why the Foundation developed Building Your Future, an engaging and relevant high school financial literacy curriculum resource. Now, more than ever, today’s teachers thirst for resources to teach their students how to manage money wisely for a secure financial future. The Building Your Future series is designed to quench that thirst. Many of your colleagues have already joined the QUENCH THE THIRST campaign for financial literacy. Now we need your help, too. Hundreds of teachers have requested and are waiting for these valuable resources. Your gift of $250 provides one high school classroom with the Building Your Future curriculum.
“The Building Your Future lesson plans are just what we need to help
students grasp how important financial literacy is to everyday life.”
— Charleston High School (TN)
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