Sometimes the worst happens when you are most susceptible and least able to cope. Even a small accident can leave you without your income, and bills pile up whether you’re healthy or not. More people declare bankruptcy due to medical bills than any other reason. But there are ways to protect yourself and your loved ones.
The Council for Disability Awareness (CDA) is a non-profit group dedicated to educating Americans on the likelihood of a disability and its financial consequences. The CDA website, http://www.disabilitycanhappen.org, offers a variety of tools to help educate you to the importance of income protection.
These tools include:
- Personal Disability Quotient (PDQ) calculator - provides you with the probability of incurring a disabling illness or injury.
- Disability Awareness Kit - offers a variety of tools to help you become more aware of the threat of incurring a disability illness or injury, how to lead a healthier lifestyle, and the importance of developing an income protection plan.
- Surveys and studies - contains up-to-date research on a variety of disability-related topics.
The three most common causes of long-term disability are not accidents. Cancer, diabetes and heart disease are the largest causes of temporary and permanent disability, and most company benefit plans either carry no coverage or at best cover up to 60% of lost wages. Most people would have a hard time getting by with 60% of their wages, especially on a long-term basis. Disability insurance is just as important as life insurance to your family’s well being, but most people overlook this important addition to their circle of protection. After all, isn’t it just as important to protect against the possibility of injury or disease as it is to protect against the eventuality of death? You want your family covered if you are not here to help; don’t you want to protect them — and yourself — while you’re still around?
So how do you get more information about this important addition to your portfolio? Just ask. I will compile all the information for you to be able to make an informed decision.
A little time spent in preparation can reap huge benefits later. If you don’t have a plan for income protection in place, please call my office or email today.
