The Risks of Disability
What are the risks of becoming disabled? When most people consider disability, they picture something catastrophic happening, an injury on the ski slope, or a speeding car hurtling into theirs. And, for the most part assume it can never happen to them.
Why is income protection important?
Think for a few moments about your ability to earn an income, and how important it is to protect that income if you became too sick or injured to work.
Are You Playing the Odds with Your Financial Future?
Plan for the things you can protect against, like a loss of income due to illness or injury.
Disability Facts
According to the U.S. Social Security Administration Fact Sheet, 1 in 4 Americans will experience a disability during their working years. The overwhelming majority of these disabilities come from illnesses, not injuries.
And, the Council for Disability Awareness, reports the average duration of Long-Term Disability is 2.6 years.
It’s not a pleasant thought, but this issue is important to consider. Industry studies show that the average long-term disability lasts nearly three years.
What would you do if you were unable to work for 31 months?
Disability Happens
Disability happens to more people, more often than you may think, and it lasts
longer too.
Accounting for Disability Risks in Your Financial Plan
You can begin creating your long-term disability plan by completing our pre-application questionnaire. This will give us a sense of your current financial situation, so we can provide you with a quote and review.
During your financial review, we’ll discuss how a disability might impact your income and how things would change if your income suddenly came to a halt.
The Income-Expense Review leads to the next step of planning, which is finding ways to reduce your risks and increase your income.
You may be able to trim some fat from your budget. We’ll help you find areas that you may be transferring away money, unnecessarily and sometimes unknowingly. We all spend money on things that aren’t exactly necessary for survival, but it’s critical to identify what costs you’d be able to cut in the event of a disabling illness or accident.
Next, you’ll want to seek out other potential sources of income. You’ll want to take some time to review our list of Income Replacement Benefits and options that may help you ride out 31 months without pay. Be sure to check with your employer to see if they offer any sort of sick pay plan or disability insurance.
Getting Started with a Disability Plan
Once you’ve completed these steps, it’s time to implement disabilty insurance into your personal financial plan.
The alternative is to roll the dice and hope you maintain perfect health. But, who can predict that car accident or unexpected sickness?
It’s better to play it safe and prepare for whatever may come. Be proactive by protecting yourself and your family. Consider adding long term disability to your financial plan today.
Until next time, plan accordingly!
Barry Page
Disability insurance is underwritten by our contracted disability insurance carriers. Infographic provided by The Guardian Life Insurance Company of America © Copyright 2023
Barry Page is a licensed, independent insurance agent, Authorized Infinite Banking Practitioner, Managing General Agent, and Founder of Legacy Insurance Agency, PLLC. He helps clients with tax-advantaged investment alternatives, and specializes in showing families how to protect their assets, income and lives using a unique approach to financial planning.
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