What is your biggest asset?
Some of you may say it’s your home. Others who own a business may say that’s their biggest asset. There may be some who have saved well and put aside a substantial amount of money for retirement in a fund like an IRA or a 401K.
But I would suggest that your earning power is your most valuable asset. Consider this: a 35-year-old who makes $50,000 a year will earn $1.5 million dollars before retirement at age 65. That’s quite a sum, but consider this: with only a 3% increase in pay each year, that figure grows to nearly 2.5 million dollars before retirement! But…you say, that’s all well and good, what are the chances I’m going to become disabled and unable to work? According to United States government statistics a staggering 1 in 4, yes, 25%, of 20-year-olds will become disabled before reaching age 67. And according to the Social Security Administration, 95% of those disabilities happen outside the workplace…so worker’s compensation will not pay.*
Some companies generously give disability benefits to their employees. If you are one of those lucky ones…congratulations! Now the question is…how long are those benefits payable and how much of your income is covered and how much of that benefit is taxable? Seven of 10 Americans say they would feel a financial pinch in a month or less without their paycheck.**
Fortunately, I can help sort out all these issues. The Knights of Columbus offers a flexible disability income insurance policy. It can be tailored to supplement what you currently have through work or it can stand alone to safeguard your paycheck and provide protection against catastrophe. I can help you design a plan with the right monthly benefit, the right benefit period, and all the other variables that go into customizing a plan that is right for you and your family. And our policy pays benefits regardless of whether or not the disability is work related.
So what if your last paycheck was your last paycheck? Let’s make sure that doesn’t happen by scheduling a time meet and review your specific situation. I know the time will be well spent.
* “Social Security Fact Sheet,” United States Social Security Administration, accessed April 5, 2018, www.ssa.gov/news/press/factsheets/basicfact-alt.pdf.
** “What do You Know about Disability Insurance?” Life Happens, accessed April 5, 2018, www.lifehappens.org
Follow the Carlisle Knights of Columbus as they serve St. Patrick's Church and the Carlisle community.
SAINT MICHAEL THE ARCHANGEL, defend us in battle, be our protection against the wickedness and snares of the devil. May God rebuke him, we humbly pray; and do thou, O Prince of the Heavenly Host, by the power of God, cast into hell Satan and all the evil spirits who prowl about the world seeking the ruin of souls.