Global Courant
Many will go through life assuring what is so important to them. I’m sure you can name a few: Auto/Home/Boat/jewelry/computers/business/etc. At the time of claiming you expect them to perform and get a replacement or at least get you back to where you were. In order to have these things that you love, you need to generate an income. This is important because income is necessary to have everything else, including supporting your family. However, people take it for granted. How can you maintain your family’s current standard of living if you get too sick or too crazy to work? If you don’t protect your income, you could lose everything.
Statistically, sixty-two percent of bankruptcies in America are due to medical bankruptcies. Yet three-quarters of them had health insurance at the time the illness started*. So if they all had health insurance, was the health insurance the source of the problem?
No.
Naturally, medical bills piled up over affordability. Most people will blame health insurance for the cause. This is partly because we are too much in the habit of treating the symptom of the problem or addressing the root of the problem.
If you had monthly income so you could go for treatment, would it help you manage the mounting medical bills? Of course it would. What is your plan to ensure that you have an income once you are too sick or disabled to work?
Given the choice, would you stop working to focus on your health or would you continue working while receiving treatment?
I think that choice is obvious.
Let’s dig deeper… what if you are forced to take a leave of absence to focus on your health and your life depends on it? Would you continue to work? Chances are you’re taking time off. No amount is more important when your life is on the line. Or is it?
How are you going to pay those bills, keep food on the table, put clothes on the backs of your growing kids, and keep a roof over everyone’s heads?
This is a question most will not address, or even consider. You can’t afford not to insure your ability to earn an income, and that’s because your life depends on it.
Insuring your ability to earn an income should be at the top of the list with other major insurance programs. It can be easily ignored because you are working now, but one day that will change. You are not immortal.
1 in 3 people lose their ability to earn an income before the age of 65**. Chances are good enough that it will be you one day. But since you don’t immediately feel pain, it’s easier to put it off.
Your homeowner’s policy will not pay you anything if you are too sick or injured to work. Some will say “what about life insurance”. Maybe. If you planned it right, it could. Otherwise, a life insurance policy should be called a death insurance policy. Usually it can only be used once and you are not even the one to receive it.
Assessing and implementing an insurance policy to protect your income is so important these days. It is so important that it should be the number one insurance program you should have. After all, your life may depend on it.
*Harvard study from 2009
**2007 LeClair Corporation
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