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Disability Income Protection - Do You Really Need It?

  • What if your last payday was your last payday?
  • What would the consequences be if you didn't receive another paycheck?
  • How would you pay for your everyday expenses such as your mortgage, electricity, car, gas, food, and other insurance coverages (health, auto, home, life) without your next payday?

These simple questions make you think, don't they? If a sickness or accident happened and you were too sick or hurt to work, just how long could you make ends meet without a regular paycheck coming in? For a month, or three months, or three years?

Most Americans understand the need for life insurance, health insurance, car insurance, and even homeowners insurance, but don't stop and think about insuring their ability to work and pay for those expenses. It is vital that we recognize the need for insuring our income because the ability to earn an income is a our most valuable asset.

Consider an individual, 35 years old, who is earning $45,000 a year. Over the next 30 years, this person will earn $1.35 million not including pay increases or bonuses. Without a doubt this $1.35 million asset is probably greater than the value of any other asset they own, such as their home or car. Isn't that $1.35 million asset worth insuring?

--Disability Insurance Is "Bad Luck" Protection--

People don't usually think about what they would do if they became disabled. They might say, "It won't happen to me." But "bad luck" happens when least expected -- despite having that rabbit's foot in your pocket.

What does "bad luck" look like? Maybe it's a fall from a ladder while cleaning the gutters, bad footing on a winter's day, or maybe a simple cold turns into an illness... "Bad luck" is different for everyone and can strike at anytime in the most common ways. That's why it's important to have protection in the form of a disability policy. A monthly disability income benefit may not be a cure, but it can help keep money coming in so life can keep moving. Let a disability income policy be your good luck charm.

If a disability occurs, you need disability income insurance to keep a steady income coming in. Today, most people don't need to suffer because an illness or injury cuts off their paycheck. BUT, having that kind of security does require some advance planning! Doesn't it make sense to plan ahead now to insure your paycheck - the one thing that makes the fulfillment of all your present and future plans, hopes, wants, and desires possible? After all, you insure your life, your health, your home, your car. Doesn't it make sense to insure your income?

The good news is that you can take control of your personal financial situation - starting now. Request your disability insurance quote, get a free copy of "From Here To SecuritySM", A Step-By-Step Guide To Disability Income Insurance, and get the facts about flexible plans to help you solve this major financial problem.

Why Disability Insurance?

"He who becomes a living death, totally and permanently, is just as dead economically as he who is actually dead. The difference between the living death under conditions of permanency and the actual death is only six feet of sod. And, if anything, the living death is the worst economically.
--Dr. Solomon S. Huebner, noted insurance educator and father of the CLU movement.

These are strong words, but unfortunately, they're very true. The following are actual words from a disability policy holder: "The doctors saved my husband's life physically, but the disability benefits saved him financially." This eloquently sums up the essence of disability income insurance - disability insurance benefits save people's lives financially.

When you become too sick or hurt to work, your role shifts from being a producer of income to being a consumer and a dependent. The loss of income due to disability can be devastating to the family structure, both economically and emotionally. When a disability strikes, your income stream declines or stops altogether. Yet, normal expenses, such as mortgage payments, car payments, and utility bills continue. In addition, other expenses tend to increase - medical bills and additional transportation expenses.

What is your most valuable asset?

There are many components to financial security, but income is the most important of all. Use the chart on the right to estimate how much you'll earn between now and age 65. Then consider all of the things that income will buy - your home, your cars, your food, the kid's college education, vacations, basically your lifestyle. The spotlight shines so bright on these financial objectives that it is easy to overlook the one key element that makes it all possible - the ability to work and earn an income.

Protecting your income from a sickness or injury allows you to continue to enjoy what it pays for, from now until the day you retire.

Why do you work?

Ask most people why they work and the answers won't surprise you. "To pay the mortgage." "To help the kids through college." "To put food on the table and pay the bills." It's simple! We work to make our lives work.

But disability can be permanent unemployment: when no earned income is projected for the future. What would happen if you became too sick or too hurt to work? Imagine the bills, the loss of a home, of savings, of college funds, of prom gowns, and wedding dresses. No more trips to McDonald's after the little league games. The stress on a marriage and family is overwhelming. A lifestyle can be altered overnight.

Would you have enough income to maintain your lifestyle and protect your family's future? For many people the answer is "No". In fact, according to the 1997 Business Almanac, most people's savings wouldn't cover six months' worth of expenses. Even if you have a spouse who works, could your spouse's income alone support the whole family? And what would happen to your savings? To your retirement plans? To your children's opportunity for a college education?

Life is full of risks. Protect your most valuable asset.

Insuring your income could be the most important thing you ever do. It's natural to insure your home, your car and other valuables. Why not protect the funds that provide those items - your income.

You might be surprised to learn what poses the greatest threat during the course of one years. Go to our disability statistics page and learn more....

**Page information taken from "From Here To SecuritySM", A Step-by-Step Guide to Disability Income Insurance and The National Underwriter Company 2005

What Is Your Earning Potential?

Potential Earnings To Age 65
(with 5% annual salary increase)

Annual Income $50,000

Age 30  $4,516,000 
Age 35 $3,322,000 
Age 40  $2,386,000 
Age 45  $1,653,000 

Annual Income $100,000

Age 30  $9,032,000 
Age 35  $6,644,000
Age 40  $4,773,000 
Age 45 $3,307,000 

Annual Income $150,000

Age 30 $13,548,000 
Age 35  $9,996,000 
Age 40  $7,159,000 
Age 45  $4,960,000 
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Financial Solutions Group, Inc.

1311 S. Main St., Suite 208
Mt. Airy, MD 21771

Phone: 410-960-7634
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