Income Protection Matters: Which Job Would You Choose?

News Image 03-30-2015

There are many components to financial security, but an individualís ability to work and earn a living is what makes everything else possible.

People usually insure their homes, cars and personal property, yet often donít think of insuring the one thing that provides for everything else Ė their income.

Donít agree with me? Which of the following jobs would you choose?

Job One: pays a salary of $100,000 a year. In the event you are unable to work as a result of an illness or injury the money paid to you by the company would stop after you run out of vacation and sick time.

Job Two: starts at a slightly lower salary of $98,000 a year. With this job, in the event you are unable to work as a result of an illness or injury, the company will pay you 60% of your pre-disability earnings until you are no longer disabled or reach age 65.

Job Two sounds like a pretty sweet deal doesnít it. Well, that is exactly what a disability income protection insurance policy does for your clients. It provides an income when you can not work as a result of an illness or injury. Most policies will cost between 1 to 3% of annual income, and provide you with up to 70% of your pre-disability income, usually income tax free.

If you are anything like me, my income is the engine driving my ability to pay the mortgage, the utilities and buy groceries. It also allows me to buy coffee on the go, movie tickets, and new shoes for the kids. This makes insuring my income against loss an important part of my financial plan, and it should be an important part of yours as well.

As insurance and financial services professionals we are uniquely positioned to assist our clients in securing this important coverage. As part of Business Underwriters Associates, Ohioís largest Brokerage Agency, I am able to provide individual and business income protection solutions form top carriers for a wide range of occupations and planning needs. For more information, shoot me an email or give me a call.

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Jim LaFleur
Vice President
Phone: 330.576.1131
Toll Free: 1.800.792.6795
JimL@buaweb.com