Ever since most of us were children we have had it drilled into our head to save for our future, protect our future, put something away for a rainy day, and all the rest of it. For many of us, those lessons didn’t quite sink in until we were much older and had a family for which we were responsible. Then we understood – now as the parents who were telling their own children to save for their future – just how important it is to make sure that you have provisions put in place for whatever the future holds.

All the savings in the world, however, and even the investments that we make throughout our lifetime, could all easily be at risk if we suddenly find ourselves in a position of having to leave our job and not continue to earn. The economy may be bad, but most of us can’t imagine a scenario where we wouldn’t be able to find something; some way in which to earn some sort of a living. But this only works in a scenario in which we are healthy and physically capable of continuing to earn a living in the way in which we have been doing. But in a situation where we are hurt in an accident and unable to return to work or we find ourselves physically ill and undergoing treatment, we may simply be physically incapable of going to work and earning a paycheck. And without disability insurance in place we could be facing a very insecure future.

Most of what we plan for involves us being healthy and viable enough to have a long retirement but far too few of us plan for those circumstances in which we are not healthy. Disability income insurance can put those provisions in place and we hope never to have to use them. But if we do – we know we are well protected.

Popularity: 19% [?]

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There are very few of us who will stay in the same job for the entirety of our careers. This is a very different world of business than what once was; it used to be that people committed their working lives to one company where they started and from which they retired. Today, with many more options on the table and even the availability of working from home in this technologically sophisticated world of commerce, people will often work with many different companies throughout their career as they explore many different experiences.

Luckily we are able to go from company to company, position to position, without sacrificing those financial elements that we have put in place. For instance, if we began a 401k retirement savings plan with one company we have the ability to roll over this savings plan to the next company with which we work. In fact, we should be sure that none of what we have taken such pains to put in place is sacrificed in any way when we move to another company.

Long term disability insurance, for instance, should be something that is always in place regardless of the career in which we are working or the company for which we are working. Disability insurance protects us and our family if we are unable to continue to earn a living because of an illness or an injury. This is protection that should never – under any circumstances – be sacrificed regardless of the moves that you make in your life.

While different companies may offer different internal short and long term disability insurance policies from which to choose, there is often also the need to maintain private disability income insurance in order to fully protect a family. So when switching jobs be sure to keep an eye on your disability insurance!

Popularity: 24% [?]

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As adults we are called upon to face many responsibilities, not the least of which is caring for ourselves and our families both financially and otherwise. In the last post we talked about how we put provisions in place so that we can rest assured that we are well covered should we face unexpected circumstances – life insurance, health insurance, car insurance, savings – as well as expected events like retirement, and college tuition.

As we discussed, disability insurance is one of those insurance policies – much like life insurance – that tends to be an over and done consideration. It’s difficult to face our own mortality as well as the possibility of an illness or injury stripping our ability to work and earn a living. And so we quickly go through the process of choosing a policy that fits our needs and begin making premium payments. We push the existence of such policies from our mind, all the while safe in the knowledge that we will be protected if something should happen.

The problem with putting these policies completely to the wayside is that allows us to continue paying premiums on a policy that may no longer fit our life. With disability insurance it is important to reexamine our policies to make sure that what we have protecting us is indeed enough as the circumstances of our lives change – marriage, kids, divorce, upcoming retirement, and so forth.

To begin with, be sure to work with a reputable company when purchasing your disability insurance; an organization that has a solid standing in the industry and employs representatives that are communicative and responsive to their policyholders. This will make the ongoing process of checking on your disability insurance policy a smooth and virtually painless one, as your insurance representative will be able to guide you through the options open to you as your situation changes.

Popularity: 18% [?]

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To paraphrase Benjamin Franklin, the only thing we have to do in life is die and pay taxes. But this, of course, is a sweeping statement for freedom of choice; the reality is there are many things that we have to do so that we may live as long, comfortable, and healthy a life as possible. Surely most of us would not go to work every day if we didn’t have to; if we didn’t have those pesky bills to pay and that annoying food to buy. But we do what we need to do and make as many choices as we can that make us happy along the way. Adjustments must be made, to be sure, as we advance in life – health insurance is changed to accommodate our changing medical needs as a single, as a family, as an older person nearing retirement; as change is also addressed in the other financial considerations we make throughout our lifetime including life insurance, retirement funds, other investments, and disability insurance.

Much like life insurance, disability insurance is often one of those purchase and forget about it things; we know we need it and we do what we need to do to find the best policy for our particular life circumstances, after which we tend to forget we even have disability insurance in place. This isn’t a bad thing necessarily. After all, disability insurance is put into place as a protective measure in our lives; the money is there should we face a short term or long term disability wherein we are not capable of maintaining our current level of income. Like the money that we put aside for a rainy day, a short term or long term disability policy is meant to be attended to and then mentally forgotten; a provision should we need it. But this does not mean that disability income insurance should not be examined from time to time, especially as our life circumstances and our needs change; something we will look closer at in the next post.

Popularity: 22% [?]

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We, as a nation, are going through a difficult time at the moment and many, many people and businesses are looking for any which way they can to cut down their expenses. With economic considerations foremost in our minds, we are hard pressed to be convinced that we need to put any more money out of pocket no matter what the purpose. In fact, some people – in a state of panic about what the future holds – are pulling their money from investments, canceling insurance policies, and essentially hunkering down with their cash in hand.

The problem with this scenario is two-fold. For one, pulling money out of investments only serves to further damage the market and you are not giving your accounts the opportunity to experience the upturn; essentially taking a financial hit you don’t need to take if you just wait it out a bit. Secondly, canceling insurance policies puts you in a much more financially vulnerable position than you were when you started.

Disability insurance, for instance, is something that many people think is optional and always the first thing that people think of when they think of cutting down on the money they spend on premiums. But it can be disastrous to not have disability insurance; in fact, it is tantamount to canceling your life insurance policy. Could you imagine the financial situation your family would be if you or your spouse were to pass away with no life insurance in place?

Now imagine a scenario – a much more likely scenario than death by the way – in which you or your spouse becomes ill or injured and are unable to continue earning a salary at work. With no disability insurance in place, your family could easily be facing a financial nightmare.

There are many ways to cut down expenses during this difficult time but canceling disability insurance is not one of them. Protect your family in the long term by keeping protective measures in place.

Popularity: 23% [?]

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There are some things that just require some professional input; after all, we can’t be expected to be well-versed in everything. We turn to accountants to help us decipher the tax code; we turn to realtors to help us navigate the real estate market; and for those insurance matters…we turn to the professionals that can help us make sense of the many options available to us.

Disability insurance is something that many of us do not give any thought to until we are in a position where we are responsible for a family – be it our spouse or children. This is around the time when we will undoubtedly explore the many options associated with life insurance; putting elements into place that will protect our family so that a sudden and unexpected death doesn’t mean financial devastation. Additionally, this is around the time when options for disability insurance are explored as well. Disability insurance is also important in protecting the financial interests of families should an earner in the household be confronted with an illness or injury and be unable to work.

Make no mistake that disability insurance is important for families on many different levels. It is crucial for those families with children as they are often the most vulnerable in a situation where an income is lost. But disability insurance is just as important for couples and singles. For instance, those who live alone have no income to back them up if they suddenly find themselves in a position where they can’t work. Without disability insurance the prospects are alarming.

That being said, the many disability insurance plans on the market and the many choices included in them all can sometimes leave prospective policyholders unclear on which way to turn. Working with professional insurance carriers, however – those with a great reputation in the industry and a desire to answer all your questions – will put you on the right track to an appropriate disability insurance policy.

Popularity: 23% [?]

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Obviously we know things happen in life; but that doesn’t mean that we are in any way prepared when disastrous things happen in our own lives. There are those who predicted the disastrous state of the economy that we are currently experiencing but that doesn’t make it any easier for those of us who are now struggling with our own finances because of the economic state.

We understand that accidents happen and illnesses befall people on a daily basis but when it happens in our own families most of us are woefully unprepared; and not just in an emotional respect. Far too few of us have put measures into place to financially protect ourselves and our families if we are unable to return to work because of an illness or injury. Disability income insurance puts protective measures in place so that in the event that such a scenario plays out, money is the last thing with which anybody has to concern themselves.

If you were to be hurt in an accident tomorrow or suffer an illness that meant a temporary – or even permanent – separation from your job, consider how you would pay for the following without comprehensive disability income insurance in place:

• Mortgage or rent. This is the biggest chunk of money that comes from earners’ paychecks on a monthly basis. Without a paycheck coming, mortgage payments or rental payments can begin to lapse very quickly. Even with savings or investments put away you will find that the average family goes through these financial nest eggs very quickly, leaving savings depleted and housing payments still lagging behind.

• Utilities. In this day and age utility payments are often through the roof. With a missing paycheck, payments can quickly get out of control.

• Car payments. Most of us are paying some sort of car payment or lease payment. Consider how much of your monthly pay goes toward maintaining your vehicles.

• Debt. Paying credit cards or loans late simply work to increase your interest rates and service charges. What happens when you can’t even make the minimum payments?

• Living. From food to fuel, the cost of living increases every day. Without disability insurance, even the most fundamental necessities can be difficult to finance.

Popularity: 22% [?]

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So much of getting married these days is about…well, getting married. There is the wedding to plan – something that often takes years in and of itself as the many details associated with crafting an event for often hundreds of people are tackled thoughtfully. And quite often, with so many details to which to attend, the couple in question forgets that there will be an actual life beyond this grand event.

But after the vows are exchanged, the dance danced, and the cake cut, the newly married couple faces the start of their new life; something that is equally exciting and challenging. For one, there are the many “logistical” details that must be considered when it comes to legally sharing your life with someone; the purchasing of property, the merging of financial accounts, the consideration of health insurance that will cover both of you, as well as many other considerations.

Some of the other ways in which newly married couples protect themselves is through the procurement of life insurance and disability insurance. Of course life insurance is put in place to protect the financial interests of one spouse if the other is to suddenly pass away. And if children come into the picture at some point this life insurance policy will protect them as well.

Disability insurance, however, protects spouses from the possibility of their partner being unable to continue to earn a living because of an illness or injury. Those who are in such circumstances and can no longer earn their salary know the financial demands this places on a household that has been a dual-earner household up until this point.

Disability insurance is, without a doubt, something that couples must consider following their marriage. Like life insurance and health insurance, this is a sound way to put protective measures in place for what hopes to be a long and happy future together.

Popularity: 20% [?]

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In the last post we started to talk about how divorce can put many, many things on our plates. There are, of course, the emotional ramifications of a marriage ending. But there are also the more “administrative” concerns when a marriage ends. When you share money and property with someone there is of course the process that must be gone through in order to separate ownership.

In the last post I began to talk about my divorce and how the ending of my marriage brought with it things that I had never considered. Sure we had to deal with the ownership of our home, vehicles, and bank accounts, but I also had to consider those insurance policies that I had essentially taken for granted. We both had life insurance in place so the only thing I had to change on my life insurance policy was the beneficiary. But I did not have disability insurance – something that my ex-husband had in place so that if he was hurt or ill and unable to return to work we would be financially protected.

But now that I am on my own I had to consider disability insurance for myself. Who would protect me or my lifestyle if I suddenly found myself injured in an accident or ill for a long period of time? I needed to step up to the plate and begin exploring disability insurance plans so that I could have peace of mind that I would be protected – and my finances would be protected – no matter what.

Disability insurance turned out to be easier to find than I thought. I worked with a solid professional who was able to walk me through the many disability insurance plans to find something that worked for my situation, so that I could begin the process of getting back on my feet.

Popularity: 24% [?]

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No one expects to get married and then one day see the marriage end. What we expect is to commit ourselves to another person and have it remain that way throughout the entirety of our lives. Unfortunately, as the statistics clearly show, marriages end every day. And more than just the emotional ramifications that are associated with such situations is the logistical ramifications. The fact of the matter is that when you marry someone you are essentially tying your life to theirs and there are bank accounts that are shared, insurance that is taken out, houses and businesses that are in both names, and so forth.

So when a marriage ends all of these things must be considered. Things are separated including bank accounts, deeds to homes, and the like. And, consequently we need to examine those policies that we may have had together and reassess them in terms of having single policies. There’s a lot of paperwork and administrative concerns that must be addressed when it comes to divorce – over and above the emotional drama that always ensues. It’s a lot for anyone to have on their plate.

When I got divorced I remember feeling completely overwhelmed by the number of things that I had to do when all I really wanted to do was go to bed. Things that I never gave much thought to – if ever – were suddenly needing attention, requiring me to make decisions. It was exhausting.

One of the things that I never even realized we had was disability insurance. Of course, now that I look at it closely it makes perfect sense that my ex-husband had a disability insurance policy in place. He was the larger earner in the household; if something happened to him we would be without his paycheck. While his life insurance policy covered us if he were to pass away, disability insurance covered us if a sickness or injury stopped him from earning a paycheck.

More in the next post about how I got through my divorce and put my own separate things in place including disability insurance.

Popularity: 18% [?]

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