I vividly remember the day more than 10 years ago now. It was New Year's Day and something was awry. It started out small but over the weeks and months that followed, it became progressively worse. At first I ignored it, thinking it would go away. It didn't. And my life was about to change forever.
There's nothing unique about my story. Unfortunately, millions of people have similar experiences with degenerative and disabling conditions. But, unlike so many others, I felt some peace of mind knowing that I was covered. No, I'm not referring to my medical plan, though I was fortunate to have a good health plan. Instead, I'm talking about income protection.
According to the Social Security Administration, a staggering 30 percent of people will encounter a disability of three months or longer at some point during their working years. If that happened to you, could you live without your paycheck? Could you and your family continue your lifestyle uninterrupted?
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For me, I had a mortgage, my kids attended a private school, they were involved in competitive sports and college was just around the corner. These expenses weren't going to stop. In fact, I was facing more expenses for items relating to my health that weren't covered by my medical plan.
It was a recipe for disaster and it could have had a very different outcome. But, fortunately, I was covered. I was enrolled in a group disability plan through my employer and I had my own individual disability insurance, which I purchased many years earlier.
Through three major surgeries and six months of physical therapy, the recovery was long. In addition to the physical recovery, the psychological process was equally challenging. I had little awareness of life around me and I questioned whether I was going to get through it.
But, because I was covered, I could take it one day at a time and I didn't have to worry about lost income or financial turmoil. Instead, I could focus solely on getting healthy. Today, my condition is under control, I'm working, physically active and enjoying life. But, if I hadn't been covered, I wonder what life would be like today. What changes to my lifestyle would have been required? What would I have sacrificed? Would I have fully recovered?
Hindsight is always 20/20. If you've ever experienced a period of disability, you know the invaluable power of disability coverage. Don't let yourself or your clients find out the wrong way. When it's too late, that income protection is essential.
As I talk with clients, I hear several reasons why people ignore the need for income protection. One is that "it will never happen to me." Heck, I said that—once. I don't say that anymore.
Another is that "I'm healthy and I don't want to pay for something that I never plan to use." Don't fall into that trap — it's a scary reality for all too many people. No one is invincible and no one knows what the future will hold.
Another objection is that it's too expensive. But, on that point, consider this. The cost of individual coverage is typically about 1-3 percent of earnings, which is probably similar to the size of a monthly electronics/phone bill. Group disability coverage is even less expensive and generally averages about $20 per month per employee. Either way, these are very affordable options when it comes to protecting income for a lifetime.
So, let me ask: Are you covered? Are your clients covered? Are their employees covered? Don't ignore it — I'm living proof that disability insurance matters.
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