Pause for a moment to consider your most valuable asset. Is it your home? Perhaps your investments? What about the contents of your safe deposit box? You’re not warm yet!
Let me ask another question: Once we pinpoint your most valuable asset, would you be inclined to insure it? After all, if this asset could no longer produce, you would be significantly adversely affected.
For most people in their working years, their ability to earn a living is their most valuable asset. Life insurance can replace lost earnings should the breadwinner die. But what if the breadwinner does not die but, rather, suffers an injury or sickness which reduces or eliminates his/her ability to earn a living? Certainly, they have suffered a “financial death”.
The sources of support after a disability are few — a working spouse (whose income probably is not sufficient), savings (usually not sufficient for an extended disability), loans (not likely available for someone unemployed) and charity. Without income, life can be short and bitter.
To protect your most valuable asset, you need disability insurance, preferably non-cancellable, guaranteed renewable disability insurance from a strong disability insurance company. Provided that you are able to qualify for a policy and you pay the periodic premium, your most valuable asset will be protected.
Well, you might discount the need for disability insurance. Consider how much you are earning now and how many years remain in your working life. Then factor in a modest increase in annual income. Most middle class individuals earn a few million dollars during their careers.
If you wish to learn how to protect your most valuable asset, contact me! I have been providing this protection for many years.