A cheat sheet for Long Term Care Insurance
See this Amp at http://amplify.com/u/a146wo
Tuesday, May 31, 2011
Tuesday, May 24, 2011
Wednesday, May 4, 2011
It's time to protect your paycheck
Take a moment to consider this scenario. Starting tomorrow, you’ll no longer be receiving your paycheck.
It isn’t because you’ve lost your job; it’s because a sudden illness or accident prevents you from showing up to work and earning that paycheck.
Think it can’t happen to you? Think again. You have a three in 10 chance that you will be faced with being out of work for three months or more during your career due to a disabling illness or injury, according to the consulting firm Milliman Inc.
So, your paycheck has stopped. How would you continue to pay your mortgage or rent, buy groceries and pay your monthly bills?
If you answered “dip into savings” or “rely on the government” you may be in for a surprise. Instead, your answer should be: disability insurance. Here’s why.
Savings may not cut it. Most people overestimate what 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. Keep in mind that disabling illnesses or injuries often last for months or even years.
The government may not be there for you. According to the National Safety Council, 90 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.
And if you were hoping for Social Security disability benefits, know that about 65 percent of those who apply are initially denied, and those who are approved receive an average monthly benefit of just $1,065, which would leave you with an income barely above the poverty line.
That’s why it’s important to have disability insurance. Think of it as insurance for your paycheck. It provides replacement income in case an illness or injury prevents you from working, and it helps you make ends meet until you’re able to return to work.
Take Action
Your next step should be to find out if you have disability insurance coverage through work, and if so how much. Keep in mind that according to the Social Security Administration, 69 percent of workers in the private sector don’t have long-term disability insurance. And short-term or partial coverage wouldn’t be enough if you were unable to work for an extended period of time.
Then you need to find out what your disability insurance needs truly are. Use the free, online Disability Insurance Needs Calculator from the LIFE Foundation, at www.protectyourpaycheck.org, to get a quick snapshot of your situation.
Once you have a sense of your need for disability insurance, it’s important to speak with an expert in your community. With so many options to weigh, an insurance professional will be able to explain the various features of disability insurance policies and help you strike the appropriate balance between the benefits you desire and the money you have to spend.
It isn’t because you’ve lost your job; it’s because a sudden illness or accident prevents you from showing up to work and earning that paycheck.
Think it can’t happen to you? Think again. You have a three in 10 chance that you will be faced with being out of work for three months or more during your career due to a disabling illness or injury, according to the consulting firm Milliman Inc.
So, your paycheck has stopped. How would you continue to pay your mortgage or rent, buy groceries and pay your monthly bills?
If you answered “dip into savings” or “rely on the government” you may be in for a surprise. Instead, your answer should be: disability insurance. Here’s why.
Savings may not cut it. Most people overestimate what 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. Keep in mind that disabling illnesses or injuries often last for months or even years.
The government may not be there for you. According to the National Safety Council, 90 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.
And if you were hoping for Social Security disability benefits, know that about 65 percent of those who apply are initially denied, and those who are approved receive an average monthly benefit of just $1,065, which would leave you with an income barely above the poverty line.
That’s why it’s important to have disability insurance. Think of it as insurance for your paycheck. It provides replacement income in case an illness or injury prevents you from working, and it helps you make ends meet until you’re able to return to work.
Take Action
Your next step should be to find out if you have disability insurance coverage through work, and if so how much. Keep in mind that according to the Social Security Administration, 69 percent of workers in the private sector don’t have long-term disability insurance. And short-term or partial coverage wouldn’t be enough if you were unable to work for an extended period of time.
Then you need to find out what your disability insurance needs truly are. Use the free, online Disability Insurance Needs Calculator from the LIFE Foundation, at www.protectyourpaycheck.org, to get a quick snapshot of your situation.
Once you have a sense of your need for disability insurance, it’s important to speak with an expert in your community. With so many options to weigh, an insurance professional will be able to explain the various features of disability insurance policies and help you strike the appropriate balance between the benefits you desire and the money you have to spend.
Subscribe to:
Posts (Atom)