If somebody were to ask you, “What’s your most valuable asset?”, what would your answer be?
Perhaps you’d automatically reply: “My home.” Or, on second thought, you’d change that to: “My family.” Or “My good health.” Or possibly: “My reputation.” These are all good answers. But if we limit the question to your personal finances, the best answer you could give would be: “My income.” After all, without an income, you might not be able to keep your home…it would be difficult to support your family…and you would not be able to handle all the expenses of daily living and meet your obligations.
That’s why it’s so important to insure your income!
After all, you insure your home, your life, your car, your other personal property, your medical expenses, and perhaps even your pets or your vacation trips. But if you were to become disabled, no doubt your income would drop significantly or cease altogether. And, unless you have the right kind and amount of Disability Insurance, whatever insurance you may currently have would not provide you with any replacement income whatsoever!
With significantly less income or no income at all, how would you…
- Make your mortgage or rent payments?/li>
- Pay for gas, electric, water or other utilities?
- Buy food, clothing, prescription drugs, etc.?
- Make the payments on your credit cards?
- Pay current or prior educational expenses?
- Make the payments on your vehicle(s)?
- Pay the premiums on your other insurance?
- Make the payments on any loans you have?
- Pay any back taxes or meet other obligations?
- Put aside some money for retirement?
- Continue to practice your profession or keep your business operating?
The bottom line is this: You simply can’t afford to ignore the possibility that – sooner or later – you, too, may become disabled.
It doesn’t happen only to the “other guy.” It could happen to you! Most people don’t know why most disability happens at all…
Contrary to popular belief, accidents are not the leading cause of disability.
When you think about the causes of disability (if you ever do), you probably picture somebody falling off a ladder, getting injured in a factory, or being in some other type of serious accident.
According to the Council for Disability Awareness, the leading causes of disability are not accidents at all. They’re illnesses. Nearly 23% of new disability cases are the result of musculoskeletal disorders, and another 13.6% are caused by cancer. Other major causes include heart disease, diabetes and depression. Accidental injuries account for only about 8% of all disability cases. There’s a lot you can do to help avoid accidental injury. But there’s little or nothing you can do to help prevent many of the physical disorders that can often lead to disability.
Some believe there’s only a slim chance they will ever become disabled, and therefore ignore the need for Disability Insurance protection.
- Workers have a 30% chance of becoming disabled before reaching retirement age.
- In the last 10 years, the number of workers who have become disabled has risen by a whopping 35%.
- On average, a disabling injury occurs every 4 seconds in the home and every 3 seconds in a public location.
- Nearly 50% of all mortgage foreclosures are caused by a loss of income due to disability.
- The leading cause of personal bankruptcies is loss of income due to disability.
- Disability can reduce or end your ability to earn a living.
- Disability can affect anyone—regardless of age, gender, occupation, lifestyle, health, wealth or anything else.
If you already have Disability Insurance via a group plan, do you still need an individual policy?
It is quite possible you do – especially if you want to continue your current lifestyle or close to it. If you’re like most people, more than 60% of your income – or perhaps much more – goes for monthly expenses: rent or mortgage payments, utilities, food, educational expenses, credit card payments, clothing, car payments, savings, investments, financial support of relatives, etc. The problem is, the typical group plan pays only about 60% – or even less – of the income you receive from your employer. So, about 40% of your expenses would not be covered. Also, if your employer or business pays some or all of your premiums, you would have to pay taxes on the benefits. And your employer might decrease the benefits or cancel the plan at any time. An individual policy, if you select the right one, can cover more than 60%, (perhaps as much as 100%) of your income…your coverage could continue even if you lose your job…and your benefits would be tax-free.
What should you look for when you’re considering a Disability Insurance policy?
This probably has your wheels turning…good! What you have to know now is that disability Insurance policies are not all the same. There can be — and often are — significant differences between policies in regard to eligibility requirements, coverage, benefits, options, premiums, the application process, and the underwriters who issue the policies. That’s why you need a knowledgeable agent.
There is now a short term disability option that can pay a large benefit for up to 5 years and is very affordable compared to what has been available in the past.
For a free no-obligatory quote please call or email me your date of birth and zip code. I can quickly email you quotes and you can easily apply directly online if you like what you see.
Neil Primack (561) 935-3907 firstname.lastname@example.org
Disability Insurance in West Palm Beach, Boca Raton, Wellington, Palm Beach Gardens, Jupiter, Lake Worth, Greenacres, North Palm Beach, Royal Palm Beach, Hobe Sound, Tequesta, Stuart, Boynton Beach, Coral Springs, Deerfield Beach, Pompano Beach, Palm Beach, Riviera Beach, Lantana, Loxahatchee.