In honor of National Disability Employment Awareness Month, Mark Singer CFP®, reminds everyone that they should have a plan for how they would deal with a long-term disability.

Disability is more common than many people think. Every year, one out of eight people will become disabled for more than five years, and those disabilities can cause significant emotional and financial stress. In 2007, medical problems contributed to more than 60% of personal bankruptcies in the United States, according to the Council on Disability Awareness.

One way to protect yourself and your family if you become disabled is to purchase long-term disability insurance, which replaces a portion of your lost income if you are no longer able to work. Disability insurance is critically important because many people don't have adequate savings to support themselves and their family for more than a few months. And if you think you can rely on Social Security to make up your lost income, think again. While Social Security Disability Insurance (SSDI) provides an important safety net, more than 60% of initial applications were denied in 2009, and the average monthly benefit for those claims that were approved was just $1,065 a month. Long-term disability coverage, on the other hand, may replace between 60% and 70% of your income.

To protect yourself and your family, consider purchasing a long-term disability insurance policy, says Singer. An experienced insurance professional can work with you to evaluate your options and choose a policy that makes sense for you. Proper insurance coverage and a strong financial plan can help you stay financially healthy, even in the event of a long-term disability.

National Disability Employment Awareness Month pays tribute to the accomplishments of the men and women with disabilities whose work helps keep the nation's economy strong and by reaffirming their commitment to ensure equal opportunity for all citizens. The official theme for 2012 National Disability Employment Awareness Month is "A Strong Workforce Is an Inclusive Workforce: What Can YOU Do?"

Mark Singer is a CERTIFIED FINANCIAL PLANNER™ professional and the author of The Changing Landscape of Retirement—What You Don't Know Could Hurt You. He has been The Retirement Guide to thousands of investors for close to 25 years and is the creator of the Retirement Roadmap and the Financial Organizer System, both of which contribute to a solution to investors' greatest concerns—properly coordinating their financial affairs.