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MetLife Study Shows Most People Unprepared for Disability

Frank J. Dito, Jr.
Car accident, personal injury and workers’ compensation attorney serving Staten Island and Brooklyn New York.

Posted on Sep 16, 2010

September 15, 2010 - A serious illness or injury suffered by a member of your household can result in medical expenses and lost wages, reducing the average family income by more than $12,000 in the first year even with medical coverage to help.

These statistics come from a pair of MetLife studies-released in August 2010-that examined the savings and financial protections the average American family has in place should a member suffer a serious illness leading to disability.

The Financial Impact of Critical Illness study surveyed 1,002 people ages 25-55 years who had experienced a disabling critical illness between 6 months and 5 years prior to the survey. A second study, Critical Illness Awareness, surveyed 1,000 people ages 25-55 years among the general population, 508 of which were full-time employees.

In the studies, MetLife found that: 

  • Out-of-pocket medical expenses cost an average of $3,000 in the first year after diagnosis.
  • All participants had medical coverage, yet only 7% had critical illness insurance and 4% had cancer insurance.
  • Two-thirds of the working participants said they only have about 3 months worth of savings available should a medical emergency arise.
  • Only 1/3 of working men felt confident their emergency savings could handle a disabling illness or injury, and only 1/5 of working women felt the same. 


The financial burden from a disabling event, such as a sudden illness or accident resulting in serious injury, is often made worse by the prolonged inability to work. While health and critical illness insurance can help a family cope with medical bills, the extended or permanent inability to earn an income can drastically harm a family's finances. 

In the event of a permanent disability due to a critical illness or serious injury, you may be eligible for Social Security disability benefits to help with the loss of income. A New York Social Security disability lawyer can help you determine your options should you or a family member experience a disabling event.

Contacting a New York Social Security Disability Lawyer 

Before you hire a New York Social Security disability lawyer, order this free consumer's guide: 5 Mistakes to Avoid when Filing a Social Security Disability Claim, to give you an idea of the Social Security disability claims process. Contact a New York Social Security disability lawyer at the Law Offices of Frank J. Dito, Jr. to discuss your case - 1-718-701-2776.

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