Protecting Your Income with Disability Insurance
Protecting our income with disability insurance is absolutely essential, and downright fundamental. Much to the dismay and chagrin of those that become disabled and don’t have the coverage in place, they see first-hand the devastating effects of their inherited misfortunes. To make sure that this does not happen to us, let us take a careful and thoughtful look at the “foundational” insurance of all insurances, namely, Disability Insurance.
If I become disabled what am I at risk to lose? The answer is very simple: possibly everything! The key purpose of disability insurance is to replace income. What happens to us and our families if we do not have income? Think heavily about that. If I do not have an income what other type of insurances can I afford to pay for? Without income, how can I pay for my life insurance, car insurance, home-owner’s insurance, or even long-term care insurance if I do not have investments and substantial savings to fall back on? How can I pay for anything?
MUG stands for Mortgage, Utilities, and Groceries. Think about the acronym of what we are tipping. Every time we drink from a mug, we should think about whether we have disability insurance or not. Beyond not being able to have funds to invest into our retirement because we have no income coming in due to disability, we also couldn’t afford any of the basic necessities of life!
When you visualize a pyramid, the base is much wider and needs to be stronger to support everything that is above it. Disability is that base, that foundation that supports and protects in order to keep everything else from collapsing.
When was the last time you discussed disability insurance with an expert? That simple conversation could be the difference between poverty and livelihood! Please, give me a call or email me so that we can get started with the dialogue today.
About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at 1-800-651-1953 or KMcDonald@Pivot.com.