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You may be thinking your home, your car or your life?  However, for most of us, the asset that all of the others depend upon is our ability to earn an income.  However, many families do not have this asset properly insured and it can have devastating consequences.

 

While the death of a breadwinner can cause financial hardship for the family, only 2% of foreclosures are due to the death of a breadwinner.  According to Health Affairs, the Policy Journal of the Health Sphere, 50% of foreclosures are due to the disability of a breadwinner.  Think about it.  Most two-income families use both spouses income to qualify for a mortgage.  Can they afford the payment if one spouse cannot work? Have you protected the family income?

 

Three in ten workers entering the workforce today will disabled prior to retirement, according to the Social Security Administration.  Many families are living paycheck-to-paycheck and cannot afford to be without a breadwinner’s income for even a week.  Yet, one in five workers will be unable to work for at least a year before age 65, according to the U.S. Bureau of the Census.  95% of these disabling sicknesses happen off the job, so Worker’s Compensation will not provide any benefits.

 

From a financial perspective, disability can be a fate worse than death.  If a breadwinner dies, once the funeral expenses are paid, often the other expenses stop also.  No need for food, clothing, medical care and transportation.  Disability on the other hand, leaves you unable to work and can also increase your expenses.  Medical care, medical transportation, household chores, are a few of the things that might increase even though you cannot work and earn an income.  You still will need food, clothing and shelter.

 

May is Disability Insurance Awareness Month.  Take this opportunity to talk with your insurance advisor about steps you can take to make sure your family is protected.  There is a great way to calculate your likelihood of having a disability here.  Contact the Marvin Okun Agency in Jackson or Kalamazoo to get a free, no obligation long term disability income quote.

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