What is Your Greatest Asset?
Your greatest asset is your ability to earn an income. It's not the first thing you think of, is it? But it's true. Without an income, you can't pay for the normal necessities of life.
TWP Financial wants to help you be prepared if the unthinkable happens. If you can't work because of an injury or illness, disability insurance will replace your lost income. Disability income insurance may be one of the most important types of insurance for the vast majority of working Americans.
Do All People Need Disability Insurance?
No. If you have enough income producing assets in your financial portfolio, you might not need this type of coverage. Do most people need this type of coverage? Yes!
The typical monthly benefit is 60% of your net income. And, if you pay for the insurance yourself, the monthly benefit you get from disability Insurance is tax-free.
Are You Prepared For A Disability?
A loss of income can be devastating. It is more important than ever to plan ahead and have the ability to manage your expenses if you are one of the 25% that becomes disabled before you retire.
Five questions everyone should ask:
1. What are my necessary monthly living expenses that would continue if my income stopped (e.g. rent or mortgage, utilities, food, medical insurance, etc.)?
2. How long would my personal savings cover my necessary monthly expenses?
3. What other sources of income might be available to help me pay for my expenses? Other sources could include credit cards, family, spouse, and friends.
4. Could I afford my medical premiums and what would happen to my 401K contributions?
5. Does my employer have a sick pay plan or a long-term disability program, or both? Am I participating? When would it start, how much would it pay me and for how long?
Answering these questions is a good start to help you and your family prepare should a disability interrupt your ability to earn a living.
To take the first steps in protecting your paycheck and get a quote, Click Here, or call us at (424)288-4254.
To read the "Six Myths of Disability Insurance", Click Here.