No one can guarantee that you will never become disabled, but there are numerous ways, through lifestyle choices, where you can lower the chances of disability greatly.
A recent Employee Financial Wellness Survey that reports on adults nationwide who are full-time employees indicates that political uncertainty and a slow economic recovery are a few reasons that worry 52 percent of respondents in regards to their financial well-being.
One of the more interesting aspects of this report is the similarities of concerns regarding financial well-being across generations. Below, we’ve chosen a few of the more interesting findings.
You are well insured. Your house, your cars, your life are all insured. But what if the unspeakable happens? You become disabled and no longer have an income. Disability insurance helps you support yourself and your loved ones by providing income protection. Here are your options.
Disability insurance myths are pervasive. Disability myths are somewhat dangerous because they may prevent you from protecting your greatest financial asset—your ability to earn a paycheck. When you think of disability insurance, do you think about insurance that covers disability due to a relatively severe accident? Many people do. What about the chance of a disability happening to you? You are a careful person and you have a desk job. No need for disability insurance, right? Well, the preceding scenarios make up two of the larger disability insurance myths. It makes you wonder how many other disability insurance myths you believe.
Your ability to earn income is your most valuable asset. People tend to insure their property and their “things,” but frequently overlook the source that makes it possible to maintain their lifestyle—the ability to earn income. But what about disability insurance for the self-employed? Could it be extra important for them to have an income protection plan?
Disability insurance has a base policy. But they also have options that can be added to the standard policy. Optional “add-ons” to the base policy of disability insurance are called disability insurance riders. Riders allow consumers to individualize—to add optional features, which address their specific income protection needs.
One of the first steps in financial preparedness is an emergency fund; one of the next steps is to protect your income with disability insurance. Nearly half of respondents had debt or unpaid balances left over from the surprise medical costs, which averaged $2,782.
Our hope for all those who answered the last statistic is that they were not confronting a loved one who became disabled and temporarily or permanently lost his/her ability to earn a paycheck.
Excuses. Excuses. Excuses. Do you use them when justifying not purchasing Disability Insurance? If so, here is a compilation of popular excuses, and why these excuses, once looked at a little closer end up to be largely unfounded.
While you are saving for the future for you and your family, don’t you dare fall into the trap of prioritizing college over retirement savings. In the end, the entire family can be broke.
Are you looking to improve your life? A good way to start is making sure you have disability insurance coverage locked in.