Spring is here, we have a new season and after a blessed Easter and a beautiful Eastertide, it's time to start planning again. With spring and the break in the weather, I've started to put together my honey-do list that will take me outside into the sunshine…at least I hope it's going to be sunny when I get outdoors to do all these chores. I don't know about you, but this time of year seems to energize me. After being cooped up all winter, and this year really being cooped up, I've been able to think of all the things I need to get done. Some of that includes physical repairs around the house, getting the lawn and flowerbeds ready to go, maybe even washing some windows.
Now when you get outside to get that work done, please, please be careful! I’m reminded of two acquaintances who were up on ladders in the spring. In both cases, the ladder slipped, and each gentleman sustained two broken arms! Out of commission for quite a while. But there are many hazards that can put you out of commission…and that brings me to the important part of my message this month. Protecting your greatest asset!
Your greatest asset is your ability to work and earn an income! Take your annual income (probably fresh in your mind with tax filing day extended into May) and multiply it times your remaining years of working. A 35 year old making $50,000 a year will earn $1.5 million in the next 30 years….if he never gets another raise! So you have lots to protect. But what if you’re sick or hurt and can’t work. Maybe it’s something simple like the gents above…a set of broken arms. But one of my members laid his motorcycle down on his leg…off from work for two years! That’s a lot of house payments to miss. Luckily, his disability income policy came to the rescue. It can happen to any one of us.
And disability does not discriminate; man or woman; Black, white, Hispanic or Asian; young or old. A 2014 CDA Long-Term Disability Claims Review had a number of notes: More than 1 in 4 of today’s 20 year-olds will become disabled before they retire, 76% of us live paycheck to paycheck; less than 5% of all disabling accidents and illnesses are work related. That means 95% of those are not covered by Worker’s Compensation. You’re on your own 95% of the time. Turn to Social Security; but Social Security’s report on SSDI says that only about 40% of applicants are awarded benefits. Couple that with 69% of the private sector workforce having no long-term disability income insurance and it’s no wonder disabilities are the #1 cause of mortgage foreclosures.
So what to do? Let’s get together and find out. Do you need disability income insurance? If so, how much? Maybe you have some at work…is it enough? Is it taxable? Is it the right kind? Let me suggest you put your mind and your family's mind at ease. Life is unpredictable, pandemic or not. Let’s plan for the worst…but expect the best. We can’t see what the future will bring, I’m here to help you plan for the unexpected. Let’s make sure that if you or your spouse are sick or hurt and can’t work, that your family can stay in the home you’ve provided, pay the utilities, buy groceries…make sure the basics are covered.
Meanwhile, stay safe and healthy.
Vivat Jesus!
Matthew Lynch, FICF
