Understanding The Need For Income Protection
You probably think of a disability as something that happens to other people. But simply believing
"it won't happen to me" doesn't mean at some time in your life you won't be faced with a disabling
illness or injury. In fact, in any given year, one in eight persons suffers a disability*-and they also
thought it wouldn't happen to them.
A disability can occur as easily as a misstep on a flight of stairs, or as suddenly as an oncoming
car swerving out of control. It can take shape slowly, beginning as nothing more than an ache in your
back or a pain in your chest.
No one expects to become disabled, but you can take steps to make sure that
if you should be robbed of your ability to work, you and your
family will remain financially secure.
*Commissioner's Disability Table
Protecting Your Greatest Asset
One of the rewards of productive work is the ability to increase your personal assets and plan for
All of your plans are based on two factors that are usually taken for granted: good health and a steady
income. Your plans may include a new car, a new home, a college education for your children, and a comfortable
retirement for yourself and your loved ones. Naturally, you assume you'll be physically and financially
able to make those plans a reality.
But, if you were to become disabled, you could lose everything
you own-as well as your dreams for the future. Are you willing
to take that risk?
A Risk You Live With Every Day
The chances of becoming disabled are rising. Growing numbers of women and men between the ages of 45
and 65 are affected by hypertension, heart disease, stroke, and diabetes-the four leading chronic "killers."
Yet these people are living longer, primarily because of greater awareness of warning signs, improved
methods of diagnosis and treatment, and increased use of health care services.
Although the immediate risk of death from diseases such as these may be reduced, the chance of chronic
disability may actually be increased.
Could You Afford A Disability?
A disabling injury or illness creates several "layers" of losses. The disability itself is
either a temporary or permanent loss of good health, compounded by the loss of income. To make matters
worse, expenses usually increase during a period of disability-the result of health care costs not covered
by insurance. These expenses may include treatment by physicians and other health care professionals,
prescription medicines, home health care, and rehabilitation therapy.
Would you be able to afford a disability?
Look At The Numbers
Everyone's financial situation is different. You're the only
one who can determine whether your family would be provided
for if you were unable to earn an income. Take
a few minutes now to compare your current expenses with the
benefits you would receive, click here to use our Disability
Where Would You Turn For Help?
Now that you've determined how much income you would need
if you should become disabled, the question is: Where would
the money come from?
50% of all Social Security disability claims are denied.
far would your savings go? And are you willing to see
plans cover only base pay. Benefits are taxable.
Retirement Account (IRA)
penalty is imposed for early withdrawal from an IRA. If
you should withdraw these savings, what would happen to
only a limited amount over a relatively short period of
from a bank or other
will lend funds to you, if you can't work? How will you
pay it back if you remain disabled?
be willing to help, but their resources are limited.
your spouse continue to work while caring for you and
managing the household?
A disability can be partial or total, temporary or permanent.
Fortunately, most disabilities are temporary. But, even if
you were disabled for six months to two years, consider how
the loss of income would affect your financial security and
retirement plans. You work to provide a continuous income,
whether you're the sole breadwinner or one who shares this
responsibility. If you lost your earning power as the result
of a disabling illness or injury, a disability insurance plan
would ensure continuity of income when you need it most. For
you and your family, it could mean the difference between
financial distress and financial stability.
A Plan That Goes To Work When You Can't
You can't eliminate the risk of a disability. But you can
alleviate the concern. A disability insurance plan provides
you and your family with a measure of protection against an
illness or accident that could jeopardize your income. It's
a plan that can make all the difference- unless you wait until
it's too late.