Most Americans retirement savings plan is based on many large contributions in their later working years, which they consider to be their highest income earning potential. But what happens if the best case scenario is disrupted or fails?
According to a 2007 study by the Council for Disability Awareness, 60% of workers have never discussed how they would handle a loss of income due to disability. For those workers who did, 83% feel highly confident that they will be able to maintain their current lifestyle during a disability period. Is this practical thinking when 70%* of working Americans do not have enough savings to meet short term emergencies?
Disability Income protection should be considered in everyone's best case - worse case retirement planning scenario. Most disability insurance policies today are more affordable at younger ages and premiums will remain level throughout your working years. As you become older and your health begins to decline (the time you may need coverage the most), you may not be able to afford or qualify for coverage.
Your income is your most important asset, not your home, boat or car. Insure that asset with a quality disability insurance product from a respectable carrier. Look for a policy that will also continue to make your annual retirement contributions (Retirement protection Plan), separate from the monthly income you may receive, due to a disability. For more information regarding this subject, contact QuoteBroker. * = National Investment Watch, AG edwards 2004.
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