How Long Can You Go Without Your Paycheck?
In a recent survey, most (70%) working Americans admitted that they could not pay their bills for more than 6 months, if they lost their income! Do you have enough savings to cover even three months living expenses? If you become unable to work due to an injury or severe illness, disability insurance could provide you with an income until you are well enough to return to work.
Having disability income protection is important even if you are young. Graduates entering the workforce rarely have an emergency fund. Newly-weds will often be faced with additional living expenses and likewise, may not have any emergency savings yet. Parents with a growing family face the added responsibility of providing for their children’s needs, in addition to their own financial requirements. Couples who are preparing for their “Golden Years” do not want to tap into savings for retirement, when an unexpected illness or accident keeps them from their job and paycheck!
Most of us have insurance to protect our home, auto, health and life. It makes sense to protect your source of income as well. Our income pays those monthly expenses for housing, utilities, groceries, clothing, medical needs, education, insurance premiums, credit card bills, etc. Those bills don’t stop, just because you cannot work! The financial hardship could be devastating, if you are not protected with disability insurance.
Some sobering statistics reveal that for individuals 40 years old, 43% of them will have a disabling event prior to age 65. Another report indicates that in 2008, 75% of all disabilities were not work-related. Many a disability occurs unexpectedly while working in the yard, playing sports, slipping/falling at home, or as a result of weather conditions. These injury examples are not covered by Workman’s Compensation benefits, and the disabled persons are responsible for the healthcare costs and loss of income.
If your paycheck provides for your living expenses, isn’t it wise to protect that asset? A licensed insurance agent can discuss the scope of disability benefit amounts, length of coverage, and the affordable cost of different levels of protection. Contact a licensed agent at AustinHealthPlans at: (512) 535-3556 or send an e-mail to us at: firstname.lastname@example.org for a free quote. We are “Texas friendly”!