Today is May 31st, the last day of “Disability Insurance Awareness Month”…Let’s end the month off with a story about Valerie King and how Disability Insurance Saves a Family—Twice.
When Valerie King transitioned from her medical residency to practicing as an emergency room physician, her group disability plan was going about to terminate so she converted her plan to an individual disability policy. Although Valerie never thought she would need it, a condition called ulcerative colitis made the decision for her. The disease and a series of surgeries made it impossible for her to carry out her duties, and she found herself unable to practice the profession she loved. It was her disability insurance that allowed her to survive financially and care for her three young daughters who she was raising as a single mother.
Life also had a second chapter for Valerie. She met and married Tim, also a divorced parent. They looked forward to raising their blended family together and sought the advice of insurance professional Larry Ricke, CLU, ChFC. In addition to the life insurance he had recommended, Larry made sure Tim understood the importance of disability insurance. Tim didn’t believe he’d ever need it, but with Valerie’s urging he finally agreed to get coverage.
“No one thinks lightening will strike twice,” says Larry, “but in this case it did.” Tim, who had a high-profile position in the printing business, came close to dying from an undiagnosed aneurism and valve issue with his heart. A risky operation saved his life but ultimately left him unable to return to work. Again, disability insurance made it possible for the family to go on financially. “We didn’t have to put a ‘for sale’ sign in the yard or make any drastic lifestyle changes that would have been forced on us without that coverage,” says Tim.
“Most people think, ‘It will never happen to me,’” says Valerie. “But the truth is it can—and does. Everything else goes away if you don’t have disability insurance coverage and you can’t work.”
It’s not about the sales, the bbqs, or the three-day weekend… but rather the heroes whose lives we sacrificed that we may enjoy our live, our liberty, and the pursuit of our dreams while you spend today with your family who have lost sons, daughters, husbands, wives, mothers, fathers, others while supporting and defending the ideal which have made and kept America the lad of the free for our everyday is memorial day.
Happy Memorial Day from all of us at NFS.
You’ve just become disabled, but you’re not worried. Why? Because you think Social Security
disability payments will “take care of you.” Really? According to statistics from the Social Security Administration, the average person who has qualified for Social Security benefits receives $1,125.10 a month.
If you’re making $50,000 per year, how long could you (and your family) survive on a disability payment of $1,125.10 per month? That’s only $13,501 per year, or 27% of your income. This assumes you qualify for benefits, and not everybody does. And if you do, it may still be more than two years—yes, years— before you start to receive any payments. What will you do in the meantime?
It’s time for you to protect your paycheck.
What am I talking about? You protect your home by insuring it against loss. You do the same for your car, boat, motorcycle, RV and personal property, but have you insured your paycheck?
Yes, I am talking about disability insurance. You protect your worldly goods with insurance, and you also need to protect your income against loss. If you become ill or injured and are unable to work, disability insurance pays you a percentage of your income until you can return to work.
May is Disability Insurance Awareness Month, the perfect time to talk to us and learn how to protect your paycheck.
-Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of the LIFE Foundation
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Don’t Let These Myths Stop You From Getting the Proper Coverage
Figuring out if you need disability insurance is pretty easy. If you have a job, you need it. Why then do the majority of American workers lack this basic protection? Common misconceptions are largely to blame. Here I will debunk four of the big myths surrounding this essential insurance coverage.
1. Myth: “I’d rely on my savings until I could get back to work.”
Reality: Most people overestimate the resources they have to cover their expenses if a disabling illness or injury kept them from earning a paycheck. According to a LIFE Foundation survey, half of working Americans say they couldn’t make it a month before financial difficulties would set in, and more than one in four would have problems immediately. Keep in mind that disabling illnesses or injuries often last for months or even year.
2. Myth: “I don’t need it – I don’t work in a dangerous profession.”
Reality: You actually have a three in 10 chance of suffering a disabling illness or injury during your career that would keep you out of work for three months or more. While it’s true that people in professions like farming, law enforcement, and construction face greater risks, the odd of suffering a long-term disability are high for all workers because illness – not accidents – account for 90 percent of disabilities that keep people out of work.
3. Myth: “The government provides assistance when people get disabled.”
Reality: According to the National Safety Council, 73 percent of long-term disabilities are a result of an injury or illness that is not work-related and therefore wouldn’t qualify for state-based Workers’ Compensation programs. If you were hoping for Social Security disability benefits, know that about 45 percent of those who apply are initially denied, and those who are approved receive an average monthly benefit of just $1063, which would leave you with an income barely above the poverty online. Government programs are a good back-up plan, but shouldn’t be your main line of defense.
4. Myth: “I have disability coverage at work.”
Reality: Disability insurance through work is a great benefit, but you need to find out exactly what coverage you have. According to the U. S. Department of Labor, more than 70 percent of employers don’t offer long-term disability coverage. And short-term or partial coverage wouldn’t be enough to allow you to meet your current and future financial obligations if you were unable to work for an extended period of time.
Call our office to see how we can help you get your protection today – 800-560-4637
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