Well, one options is: start begging your family or friends for money to pay your bills, or you’ll have to foreclose on your home, downsize, put off children’s education, use your pension funds and kiss your retirement goodbye. I suppose Social Security can help in those extreme cases (if you have 6 to 18 months savings you can live off of, before you get approved – if ever).
My clients on the other hand, chose the easier option: get a monthly check from the insurance company. Having back pain and can’t drive as much? Fell off your bike and broke an ankle? Cancer, heart attack or stroke? If any medical issue will cause you to lose income, then you can claim and receive an “income replacement” check monthly, which you can use for anything from medical expenses not covered by your major medical, or paying for your utilities, mortgage, children’s education, and you can even continue your retirement contributions. Disability insurance as well as critical illness insurance are two of the products that can save you from a certain financial disaster, if your health status takes a dive.
Why didn’t anyone tell me about this?
Many employees as well as self-employed or business owners don’t get employee benefits that will pay them if they get sick and can’t work. Even if they have Workers Comp, benefits will only be paid for on-the-job injuries. Most are not aware that they can get individual insurance plans to protect against loss of income from any injury or illness that occurred on or off the job. Businesses often get “business interruption” insurance in case of local weather disasters or other reasons, but that will not pay your personal bills when you can’t work due to a medical issue. Income protection with disability insurance will!
How much does it cost?
In the example below, rates are for real estate agents, a white collar occupation:
For most occupations rates are really low. For example a realtor male age 40 can get almost $300,000 in total potential benefit (or $1,000 per month, every month until age 65) – for only $43 in monthly premium*. Need more? No problem: you can choose any benefit (up to $25-30,000 per month) if you qualify financially. For example, if your current earnings are over $500,000 annually, you can receive up to $17,000 per month in disability benefits, in case you can’t work due to any medical issue. And if you can only work part time due to an illness or accident, and your income drops to 50% for example, you’ll receive half of your policy’s monthly benefit, or whatever percentage of income loss you incur.
Don’t let your future income to chance, protect it! Your ability to bring a paycheck is often your most valuable asset, that helps to pay for your other smaller assets: your home, your car, boat, retirement. Call LifeGuy now!
Daniel LifeGuy Dragan is an expert in income protection and can provide free consultations and quote comparisons from multiple insurance companies.
Call now: 239-LIFE-GUY (239-543-3489)
or email IncomeProtection@LifeGuy.com . You can also fill out the form below and request a free quote.