Arthritis is the leading cause of disability among adult Americans and is more than twice as likely to affect women as men. The incidence of disability for females has risen at a disproportionate rate relative to males, according to the Social Security Administration. Between 1999 and 2009, women's application for Social Security Disability Insurance grew by 72 percent compared to 42 percent growth for men.

Single women are especially vulnerable when it comes to finances and disability, with one in four saying the consequences of disability would be totally devastating.

"The implications of this research are startling. Financial services professionals need to start educating their clients – especially their female clients – about the steps they can take to prepare for disability," said Mary Quist-Newins, director of The State Farm Center for Women and Financial Services at The American College, the academic entity that conducted the study. "These professionals have the unique opportunity to empower women to make sure they're fully prepared and aware of their options."  

The study also found that women haven't done as much research on disability insurance as men have, with only four in ten researching the issue. Slightly more than 50 percent of men, compared to 37 percent of women, have discussed the possibility of disability with a financial advisor. Women are less likely than men to feel confident about job security, covering basic expenses and being able to afford medical care if they were to become disabled.

The survey was conducted by independent research firm Mathew Greenwald & Associates. Information was gathered through 15-minute online interviews with a total of 1,600 employed women and 800 employed men ages 25 to 64 with a total household income of at least $35,000. The interviews took place in November 2011.