According to the Earnable Income Quotient (EIQ) calculator, a 35 year old earning $50,000 annually today, is likely to earn close to $2.4 million before their working career comes to an end. What would you do to protect an asset that was going to pay you $2.4 million?
If it wasn’t for a paycheck most of us wouldn’t be able to fund the everyday expenses in our lives – our homes, vehicles, retirement savings, children’s education, health care, utilities, etc. An unexpected loss of our income due to disability could be financially devastating, leading to an inability to cover even the basic living expenses. The difficulty of coping with a new disabling illness or disorder is compounded by the fact that everyday living expenses still need to be paid, at the same time income and retirement savings come to an end.
Consider these statistics:
- 50% of working Americans couldn’t make it a month before financial difficulties set in, and more than one in four would have problems immediately.”1
- “One in eight workers will be disabled for five years or more during their working careers.”2
- “Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.”3
- “Over 37 million Americans are classified as disabled; about 12% of the total population. More than 50% of those disabled Americans are in their working years, from 18-64.”4
From January 1st to April 30th 1,475,003 Americans had experienced a disabling injury or illness.5 What if you were included in that number, and weren’t able to go back to work tomorrow to earn a paycheck? Would you be able to pay your living expenses? How long could you cover expenses? After you have exhausted all resources, what is your plan?
If the thought of being disabled and without a paycheck causes you any concern, know you aren’t alone. The 2013 Insurance Barometer Study, produced by LIFE and LIMRA, explains that six in ten people are concerned about being able to sustain themselves financially if unable to work.
The Solution: As a hardworking individual, dependent upon a paycheck, you should protect what arguably is your greatest asset – your income. Disability insurance is the tool for protecting your paycheck. It provides income if you’re unable to work due to an accident or illness. This income continues until you are able to go back to work. Disability insurance enables you to cover expenses without having to deplete savings or retirement accounts.
A Plus Benefits makes it easy to protect your income through their Voluntary Group Disability Plan. You can elect a monthly benefit starting at a minimum $500.00 up to a maximum benefit of $7,500.00 (in increments of $100). This benefit is tax free and paid monthly to disabled participants.
The A Plus Benefits Voluntary Group Disability Plan offers the following advantages:
- Monthly premiums are up to ten times less expensive than other individual disability plans
- Guarantee Issue is available to eligible employees, regardless of health status
- Monthly premiums are conveniently withdrawn from your paycheck
- Benefits are paid directly to you on a Tax Free basis
Give yourself peace of mind by protecting your greatest asset and enroll today in the A Plus Benefits Voluntary Group Disability Plan.
Visit the following links for more information:
Written by David Bartholomew with A Plus Planning and Insurance. David’s professional background includes 16 years in the insurance industry. David also holds the designation of Charter Financial Consultant and Chartered Life Underwriter.
- The Disability Survey conducted by Kelton Research on behalf of the LIFE Foundation, April 2009
- Commissioner’s Disability Insurance Tables A and C, assuming equal weights by gender and occupation class
- U.S. Social Security Administration, Fact Sheet February 7, 2013
- U.S. Census Bureau, American Community Survey, 2011
- LIFE Foundation May 01, 2013