If you pay attention, you can’t go a day without hearing something in the news or the media about retirement planning and the myriad of topics surrounding income planning for our later years. Usually, these commercials profile mature individuals enjoying their retirement years on some beach.
Unfortunately, there’s another type of income planning and protection that isn’t as sexy and therefore doesn’t get nearly the coverage.
I believe our media, political leaders, business leaders and advisers have done a disservice in glossing over this essential protection.
I'm talking about income protection insurance, otherwise known as disability insurance.
Many people think that disability insurance does not (or will not) apply to them because they immediately picture a frail person in a wheelchair and think, "That's never going to be me." That might be true, but most disability claims are actually for back injuries, cancers, and heart disease. Sound a little closer to home?
How many benefits or fundraisers have you been to because someone you love is in tough financial shape after being struck with a chronic illness, debilitating disease, or tragic accident?
As it turns out, we’re much more likely to live and survive these events than we are to die. If they happen during our working years, we are in danger of losing our ability to earn an income that will support the lifestyle for which we’ve become accustomed (to say nothing about the increased expenses that result after such a diagnosis or accident).
Do me a favor: take 5 minutes this month to increase your awareness surrounding your knowledge of income protection and the specific coverage you carry, if any.
These term sheets can be hard to understand - I'd be happy to help if it all looks Greek.
Statistics show that during our working years there is a 25% chance we will suffer an illness or accident that will prevent us from doing our job for at least 90 days. Isn’t it worth five minutes of your time to make sure that risk is covered?
If you want to know more, give us a call or check out this website for some outstanding unbiased resources.