Is Disability Income in Your Wallet?

We’ve all seen the commercials – “What’s in your wallet?” Well, no matter what bank you use for your credit cards, if you don’t insure your income and then become disabled, the answer is very likely to be “Nothing!” Bill Cosby once said, “A father is a man who replaced the money in his wallet with photographs.” So, if you contribute to the financial support of a family, “Nothing” will come even more quickly, plus it will be more painful looking into the eyes of those who grace the photos in your wallet. Now, let’s look at another famous quote, this time from Winston Churchill. “If you’re not liberal when you’re young, you don’t have a heart. If you’re not conservative when you’re old, you don’t have a brain.” Granted, this was spoken in the realm of politics, but it has application to our personal financial security. In their passion and zest for life, young people very often put life insurance, health insurance, and, especially, disability insurance near the bottom of their priority list – that is if they even make the list. Older people too often wish they had put these near the top of the list after they discover that “what only happens to someone else” has happened to them.

Since one’s ability to earn an income is one’s greatest tangible asset, and since the likelihood of needing to draw on disability insurance is very high, the issue is not a matter of “convincing” one to get disability income insurance. The issue is one of appreciating the need early in life – when it is inexpensive and before family obligations replace cash with photos in one’s wallet. Don’t wait to be a fiscal conservative.

Beware the complacency of, “My employer offers disability insurance.” Maybe. You might find that the benefit is a pittance, and you can’t even take that paltry policy with you. People are changing jobs more frequently, while employers are offering less benefits. To have occupational freedom, one must get those benefits outside of work. Be in control. Know what will be in your wallet – no matter what. Disability income insurance could someday be your only income – but only if you actually got it.

May is Disability Insurance Awareness Month.  Learn more or call us at (208) 557-9344.