Income Protection – Disability
Why Protecting Your Income is Important!
We are in a world today where we insure everything but sadly we don’t insure the most important or valuable things in life. Like, your income or paycheck.
Two-thirds of working Americans (63%) couldn’t make it six month before financial difficulties would set in – and 14% said they would have problems immediately, according to the 2020 Insurance Barometer Study by Life Happens and LIMRA.
The reason protecting your income is so important is it’s the primary source to fund your future retirement. If that is lost, then you won’t have money to save for your retirement. Secondly, when life happens and you are faced with an accident, injury, or illness (cancer, heart attack, stroke) that causes short-term or long-term disability many people are forced to tap into their retirement savings to cover day-to-day living expenses and out-of-pocket medical expenses. #1 cause of bankruptcy is due to high medical expenses and majority of those had medical health insurance.
Why do we have insurance? Insurance is an extremely valuable tool that reduces your financial risk when the unexpected happens. You insure your car, home, and mobile phone from the unexpected. Why haven’t you insured your income, life, or equity, in your home for when life happens?
Our message to all our followers and clients is – Take 100% control of your retirement. After all, it is your retirement we are talking about and your future income. Make your retirement a priority and protect it as if your retirement life depends on it. Because it does!
Every 1.2 seconds… someone in the U.S. is disabled.
This number represents how many Americans have become disabled since Jan. 1, 2023.
Why people with a financially happy retirement protect their income.
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Rebecca is 37 years old and earns $60,000 as a registered nurse at a veterans hospital. She sees every day how much a disability can impact a person for years or even the rest of their life. She wants to be able to save for the future while paying off her $250,000 mortgage.
As a federal employee, Rebecca qualifies for a maximum monthly benefit of $2,855. She selects a policy with a 5-year benefit period and adds the Residual Disability Benefit Rider, which offers a portion of the monthly benefit amount if her capacity to work and income are reduced following disability, to optimize her coverage. Her total monthly premium is $86.48.
Ned is a 46-year-old accountant making $70,000 per year. He and his wife have built a good life for themselves and their children, and both have their sights set on retiring at age 65.
As an expert at crunching the numbers, Ned knows a serious illness or injury would make that goal unreachable — and maybe even hurt his and his wife’s ability to save for their children’s college educations.
Ned is approved for a total monthly benefit of $3,630. His policy, which has a 90-day elimination period and 5-year benefit period, costs $78.03 per month.
General Contractor Small Business Owner
Drew is a 52-year-old general contractor with a business net income of $100,000 per year.
As a small business owner, he wants to protect the life he’s built both at work and at home.
With Assurity, Drew qualifies for a Business Owner Upgrade up to occupation class 3A. He’s approved for a total monthly benefit of $2,800 with monthly premiums of $111.10.