Archive for the ‘Disability Income’ Category

One of the most exciting and scary moments in most families lives is about to happen or has recently happened, the purchase of the family home!  This is NOT just a house, but the one you have chosen to call HOME! 

With this in mind, lenders have protected themselves against catastrophic loss from natural events or acceleration with Home Owners Insurance and mortgage insurance. 

What protects your family if you become disabled and can't work or die prematurely during the years required to payoff the loan?  Statistically, this is more of a threat.  This is where Defensive Strategies become invaluable. 

As a Friends of Heroes affiliate in the triad and a fellow military veteran, it is my desire that you have the opportunity to inquire with no cost or obligation from an Independent Insurance professional what it will take to ensure your family continues to live in the Family Home for years to come, despite what may come ( Hell or High Water).

To make this a reality, I will take the time to counsel with you and / or your family, one on one, Face to Face, over coffee, to determine the most cost efficient way to achieve the protection goals you desire.

To access this benefit, please reply to jay@jaythurlow.com and in the subject line put "HERO".  I will contact you from that point.

Your Financial Defensive Coordinator,

Jay A. Thurlow

Why do I need Disability insurance in Winston Salem NC?

Disability Income Insurance:  an insurance policy designed to replace lost income due to a disabling injury.

Does your life and the things you want revolve around the income you make?

Have you ever given a thought to what happens if the ability to earn an income was gone?

Who is discussing this with you? 

Wow!  Things are not what they were in college.  You have found the love of your life, married and began a family.  You now have this “dirty word”, Responsibilities.  The question is this, what do I do about this and who will guide me with my financial planning?  A competent “truly comprehensive” financial advisor and, Can it be done on the budget I have?  YES.

• Income Protection (Disability Insurance):  to continue to care for your family if you physically cannot work.  This is PRIORITY.
• Life insurance:  there are three things that life insurance does and you need to know them before purchasing a policy to ensure what you buy does what you want it to do.  Finally, Review Bi annually as things change.
• Retirement planning:  You are getting older.  Still take the give away money referenced before and start other options
• ROTH IRA:  Max it out for both you and spouse
• Home ownership:  Probably a mortgage. 

Disability Income Protection

I think that things should be named for what they do, not when they are triggered.  Think about this, Disability Insurance actually protects your ability to earn an income.  Is it Income protection or Disability Insurance?  I don’t know, but I do know it is one of the most misunderstood and under-utilized coverages in our country today.  This amazes me as income potential is the basis that lifestyles are built upon.  Money is borrowed to pay for Automobiles, Houses, etc…., you get the picture, but little attention is paid to protecting the ability to earn the income. Retirement savings are totally dependent on INCOME. 

Most of the people I speak with in the Winston-Salem, Greensboro and the Triad area as a whole, have never had a serious discussion about this protection with a professional insurance agent.  WHY?  For this reason, it has not been given much thought. 

When asked, the need to protect a home against fire or destruction is important, an automobile against loss, or protection against the costs of modern medicine are very important and are funded as necessity.  What about income earning ability?  IS this important?

Should it be protected? 

One of my favorite question to ask, which normally leads to an “aha moment” is this.  Who is actually protected with the coverage you have purchased? 

• Home Owners insurance?  Mortgage Holder / Lender
• Automobile Insurance?  Bank, Others
  
• Medical Insurance?  Doctors, Hospitals
  
• Income protection / Disability Insurance?  YOU / family
  
• Life Insurance?  Your family, way of life
  

The amazing thing about this list is that the top 3 items have been legislated to us, while the bottom two are totally in our control. 

Closing Question:  Do you know anyone who has been through a short term or long term disabling injury with Protection?

How about without? 

How do the outcomes differ?

Would losing your ability to earn an income affect your lifestyle?

What are you going to do about it?