Many People Need Income Protection.
Are You One Of Them?
Are you protecting your most valuable asset? Your most valuable asset isn’t tangible. It’s not your home, your car or your savings — it’s your income.
Just how valuable is your income, your paycheck? To find out, multiply your annual earnings by the years until retirement. By doing this simple equation, you can quickly see that your income far exceeds the worth of all your other assets combined.
One of the only ways to protect your income is with disability insurance. Income protection is of paramount importance to the following groups of people.
Baby Boomers – This group runs a high risk by earning the highest income and having the greatest debt load. Baby boomers could face financial ruin if an injury or illness takes them out of the workforce. The need for this group to insure their earnings is at an all-time high as millions of boomers enter middle age. If you’re a boomer, imagine how devastating it would be to work hard all your life and then lose everything just because you didn’t have disability insurance.
The Sandwich Generation – This generation is defined by supporting both children and elderly parents. Typically already pinched financially, incomes and savings can be depleted if a disability stops the breadwinner from earning a paycheck. The wise move is to protect yourself and your family with disability insurance.
Single Parents and Divorcees – With limited incomes and large expenses, many newly single parents and divorcees don’t have a backup plan to protect their earnings. This group’s income is important because it’s only a single-income with no other earner for backup. As a single earner, it is hard to create enough savings to cushion for an injury or an illness. This is where income protection comes in.
Business Owners and Self-Employed Individuals – Business owners and the self-employed have many advantages. However, one thing this group doesn’t have is any group disability insurance coverage. When many venture out on their own, they don’t replace that lost coverage, which is a big risk. Because incomes and earning patterns for the self-employed are already unpredictable, their paychecks need protection, especially if an injury or illness occurs.
Professionals – Professionals like doctors, dentists, lawyers and accountants invest many years and money in developing their education, skills and income earning potential. It’s no wonder why professionals are some of the biggest purchasers of disability insurance coverage. Professionals sometimes opt for their respective association group insurance coverage without knowing the key advantages of a personally owned insurance policy.
