If you stopped getting a paycheck next week, how long could your family survive before serious financial problems set in? For about 70% of Americans, the answer is about a month. My mother was working on her roof a few days ago, and despite years of experience, she fell off. She’s the last person I would ever expect to end up in the hospital or needing rehab, but injuries and illnesses can happen to anyone, no matter how healthy and fit they are. For the next several months, she’ll need a walker or crutches as she recovers from a badly broken femur. Thankfully, she’s retired, but what would happen to your family if the primary income earner were to be laid up for a few months, or even permanently?
May is disability insurance awareness month, and it’s a good reminder to consider how well you’re protecting your greatest asset – your earning potential. Working adults are more likely to encounter a disability that prevents them from working for at least 90 days than they are to die, and yet people tend to be more proactive about securing life insurance than disability insurance.
If your employer doesn’t provide short and/or long term disability, you can purchase it on your own. You can get policies that will provide a flat dollar amount per month, or a percentage of your current income. If you’re in Colorado, we can give you quotes for a disability policy that would help your family avoid a financial catastrophe in the event of a disabling injury or illness.