From the State Farm Center for Women and Financial Services at The American College:

Women have the greatest physical and financial risk regarding disability.

Fifty percent of women say that if they were to become disabled, the impact on their household’s finances would be at least “somewhat devastating.”

Eighteen percent of women (compared to only 12 percent of men) are “extremely concerned” about the impact a disability could have on their financial situation.

Women are almost twice as likely as men to think their cash reserves would last less than one month in the event of a disability (22 percent versus 12 percent). Furthermore, women are not only more apt to experience financial hardship due to a disability – they are also significantly more likely than their male counterparts to develop a disability in the first place.

Data from Centers for Disease Control and Prevention (CDC):

Indicates women are increasingly more likely to experience a disabling condition during their working and senior years.

Arthritis, the leading cause of disability among adult Americans, is more than twice as likely to affect women as men.

Between 1999 and 2009, Social Security Disability Insurance (SSDI) applications for women expanded by 72 percent for woemn and for men grew 42 percent.

Single women are especially financially vulnerable – more than one in four (28 percent) see the consequences of disability as “totally devastating.”

Married women are also at risk; they are more likely (20 percent) than married men (11 percent) to say they are concerned that their spouse will become disabled and unable to work.

Disability Insurance

Employer-sponsored plans are the most common means of disability insurance, however less than half have this benefit with women less likely than men (45 percent vs. 51 percent) to be covered. Female entrepreneurs are at even greater risk.

Social Security Disability Benefits can take years to obtain and medical expenses are not covered for the first two years. Relying exclusively on SSD can be devastating to a family.

The College’s disability research findings, read this 15-page report [WomensCenter.TheAmericanCollege.edu/DisabilityStudy], authored by Professor Mary Quist-Newins, on The American College’s
State Farm Center for Women and Financial Services website.