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Protect your paycheck

Posted March 05, 2014 in Advice Column, Perry

Think about it. What would happen if suddenly, due to an illness or accident, you were unable to work? Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch? That’s where disability insurance comes in. Think of it as insurance for your paycheck. It ensures that if you are unable to work because of illness or injury, you will continue to receive an income and make ends meet until you’re able to return to work.

Simply put, if you have a job, you most likely need disability insurance. The possibility of a disabling illness or injury may seem remote, but statistics paint a different picture. You actually have a three-in-10 chance of suffering a disabling illness or injury during your career that would keep you out of work for three months or more.

For many, a sudden interruption of income could have serious financial consequences. Most of us have some kind of personal debt, typically a mortgage or credit card bills. How long would you be able to maintain your standard of living if you were too ill or injured to work for an extended length of time? If you are like most, it wouldn’t be long at all: 50 percent of working Americans couldn’t make it a month before financial difficulties set in, and more than one in four would have problems immediately, according to a LIFE Foundation survey.

The other thing to keep in mind is that an accident or illness that keeps you out of work for a period of time can be very costly. That’s because people who become disabled not only need to continue providing for loved ones, but for themselves as well. A disabling injury or illness could lead to medical bills, modifications to your car or home or other unforeseen needs that can be quite expensive. For all these reasons, almost anyone who works — whether they’re single, married, with children or without — should consider disability insurance.

Making a disability insurance policy may seem like an unneeded expense. But did you know rates are lowest when you’re young and healthy? Securing a policy while you’re young can save you money on premiums later in life and keep you protected. The reasons for purchasing a life insurance policy today are many. Don’t hold back. Contact your local agent for help choosing a policy to fit your needs and your budget.

Information provided by David Finneseth, agent, Farm Bureau Financial Benefits, 1009 Willis Ave., 515-465-2005,

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