Is it your house? Your vacation home? Car?
What about you?
Yes, I mean you! You are more valuable than anything you ‘own’. More specifically, it’s your earnings over your lifetime. Think about it, if you are going to work another 20 years at $50k per year, that’s one million dollars - $1,000,000! – over that time. And that’s not counting raises and promotions!
You wouldn’t go without homeowner’s insurance. And you wouldn’t go without auto insurance. But many people go without insuring their most valuable asset.
Professional athletes know this – as this article shows: http://www.portfolio.com/industry-news/sports/2010/05/17/top-pick-in-nfl-draft-sam-bradford-carried-big-insurance-policy
Even if you’re not a Heisman trophy winning quarterback or a top NFL draft pick, YOU are still valuable to your team – your family.
May is Disability Insurance Awareness Month. How are you protecting your most valuable asset?
Answer to the last trivia question: B - $1,756. That means if you get disabled, and happen to qualify for Social Security disability (unlikely), your income would drop by 65% (from $5,000 to $1,756). Depending on what other income you may have (e.g. spouses earnings), that disability payment may be taxable, leaving you with less!
This week’s trivia question: According to a Harvard University study, what is the leading cause of personal bankruptcy? Is it?
A - Poor use / excessive credit
B - Divorce / separation
C - Job loss
D - Medical expenses
E - Unexpected expenses / losses (e.g. losses due to floods)
