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HOW TO PROTECT YOUR INCOME
07/30/2008
In these uncertain economic times when two-thirds of families in the United States are living paycheck to paycheck, any loss of income due to illness or injury could be economically catastrophic.
Here are a few statistics about disability in America:
• Disability is responsible for 50% of all mortgage foreclosures in America. Premature death is responsible for only 2%.
• Social Security disability benefits are woefully inadequate. On average, the Social Security benefit is $978 dollars per month, only 39% of all applicants are approved, and a typical approval takes 2.5 years.
• You have a 3 in 10 chance of becoming disabled over the course of your career. The average disability lasts 2.5 years.
One of the ways to lessen that risk is to insure the wage earners in your household with disability insurance. With disability insurance, a family can continue to pay their mortgage, buy groceries, and function normally even though a wage earner is disabled and not receiving a paycheck.
Disability policies, which generally cover the individual 24 hours a day for any accident or illness that would impact ability to earn an income, are surprisingly affordable. For example, a 35-year-old might pay as little as $50 per month to replace a monthly income of $2000.
One of the membership benefits of the Greater Kingston Chamber of Commerce is group disability insurance available for groups as small as two. If you are interested in more information, please contact Carney Cargill, Inc. at (888) 842-8987.
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