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Disability Awareness

June 13, 2013 by Bautis Financial

May was Disability Awareness Month.  This post contains info on why protecting your income is critical to your financial success
Do I need disability insurance?
When it comes to becoming too sick or hurt to work, many people think, “It won’t happen to me.” But are you willing to risk your dreams and your family’s financial security by betting the odds?
Do I need Income Protection?
1 in 4 of today’s 20 year olds will become disabled before they retire
The average long-term disability absence lasts over two and a half years.  How would you pay your bills if you didn’t have a paycheck for two years or longer?
How much is at stake?
A 30 year old earning $50,000 a year could earn more than $1.5 million by the age of 65.  Disability insurance is not only for big paycheck earners
Your income pays for the big things: Home, Car, Retirement.
It also pays for the little things: Gym membership, smartphone, children’s dance lessons.
If you become too sick or hurt, you could lose them all
Am I protecting what’s most important?
People protect their homes, cars, lives and even identities with insurance.  But often don’t think to protect their incomes
People are 240 times more likely to become disabled than to suffer a fatal injury
Aren’t I already protecting my income?
You may think you’re covered, but the protection you have likely won’t be enough.  Group long-term disability coverage typically only covers 60% of your gross income, and the benefits are usually axable (and capped at a certain amount).  This means your take-home pay is further reduced
Workers Compensation: Less than 5% of disabling accidents and illnesses are work related; the other 95% would not be covered
Social Security: of the 2.8 million workers who applied for Social Security disability benefits in 2011, 65% were denied.
Can I afford income protection?
The premium for individual disability income insurance is typically just 1% – 3% of what you earn.
If you are earning an income and can’t afford to retire tomorrow, you need disability income insurance.

Category: Insurance
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