Let’s start with a short test:
Name three people who would be willing to pay your bills, groceries, mortgage or rent in case you become sick and can’t work:
If you’re having trouble finding even one person that you can rely on paying your bills, then you need to make sure you have protection in place, for situations when you would be out of work due to an unexpected accident or illness.
Protecting your paycheck or income is not a new concept. Some corporations offer some form of short-term or long-term disability insurance to their employees, which usually covers between 40% to 60% of their income (and those benefits are taxable). If you’re one of the lucky employees that has DI benefits, you should still consider getting your own disability insurance policy to cover the gap left by your employer’s policy. Plus, the individual policy is portable: you take it with you if you change jobs, or even in case of involuntary job loss. Yes, a disability insurance policy will pay you a monthly benefit even if you were (involuntarily) out of work at the time you broke your arm/leg/back or got diagnosed with a disabling illness.
Ask to talk to a disability insurance specialist today: 877-LIFE-GUY or IncomeProtection@LifeGuy.com