My family loves the beach and we were able to squeeze in a long beach weekend before school started back. While walking down to the beach I noticed a handicap enabled boardwalk dedicated to an individual that “always had a heart for making things easier for those with handicaps or disabilities”. That made me think about technology and the modern world we live in and its impact on those with disabilities. I love that we live in a time where there are Paralympics, consciously controlled prosthetics, and many organizations dedicated to the advocacy of those with disabilities. Just today, this article from the USA Today dives into the lower barrier for employment those with disabilities face now vs. in the past.
When you sell disability insurance as part of a someone’s financial protection strategy, it is important understand the financial hardships a disability can create. The numbers can be staggering as someone’s ability to earn income goes down while their expenses are going up at the same time. I always warn people that disability insurance is much more expensive than most types of life insurance, but the likelihood of suffering a disability is much higher than dying. Disability income insurance pays the bills when you can’t. It would be my recommendation to understand your own short and long term disability insurance you may have through your employer. If you are self-employed or feel like what you have through your employer may be insufficient, you may be able to increase your coverage through a group voluntary insurance program. If needed, our office is happy to help you explore creating income protection for you and your family.
We hope you enjoy this week’s Weekly Market Review and find it both interesting and informative. Have a good week.
Trevor N. Coe, CFP®