No one wants their income taken away. If we had full control over our future, like a crystal ball, we would never worry about money vaporizing one day. One in three people will lose their earning capacity before the age of 65. The fact is that we do not know what can happen to us or what will happen to us. Life can change in a moment and your income and your future could run out very quickly. You are ready?
If you get too sick or injured over a long period of time, how long will your employer keep you on the payroll? After all your sick days and vacation days, your employer will most likely stop paying you. They are the facts of life and many avoid thinking about the possibilities.
If you are the owner or key executive of the company, pay attention. At some point, you will need to replace yourself or your salary to keep the business alive. The business will become a squeaky wheel until something is done. Some people are in a position to take a leave of business and still maintain income and income. However, many cannot and need to protect income; business income.
Even some companies, like a manufacturer, that have employees producing on the assembly line, might have trouble producing at the same level. The team of employees can only produce at the same level with the quality leadership that the owner/employer has established. All of that will change when you (or quality management) are no longer there to make sure everything runs smoothly.
It is well known that diseases do not discriminate. It can happen to you, your spouse, family members, and company employees. Or even some injuries can be prevented, however, we are human and accidents happen. One quick misstep and you’re bedridden for weeks, or even months.
Your income will dry up very quickly. Savings accounts will start to dry up, and accessing the retirement account could prove costly in taxes and penalties. Savings and retirement accounts now become the source of income until you return to work or the money is completely depleted.
Disability insurance is a way to protect your income. Most people buy insurance policies to protect what is important to them: buy a car, you will get insurance: 1 chance in 240 of having a serious accident; Buy a house, you’ll get insurance: 1 in 1,200 chance of total loss; Buy life insurance to replace income for a lost loved one – 1 in 5 results in premature death before age 65. For many, their number one asset is their ability to earn a living, but they never buy insurance for that. With a one in three chance of losing your earning capacity, it should be a high priority. Why do people avoid it? Simple… The fear of not having an income is not big enough until it is too late. You may not get a second chance.
