Hi, this is Mathew Kryder, Insurance Advisor with Petschauer Insurance, answering the question, what is the biggest financial exposure that we see for working professionals?
In most cases, what we see is working professional’s future income is significantly under-insured in the event they were to become sick or injured and unable to work. For most of us, our future income is our biggest asset. To put in perspective, take a 35-year-old making $125,000 today with modest increases over the years can expect to bring in over $5 million before retirement.
So the question is if your income was cut off tomorrow, how would you be able to pay the mortgage, the bills, the credit card bills, the medical bills, as well as save for your retirement, not to mention all the other hopes and dreams that you have for your family?
If the answer is, I really couldn’t, then you should consider disability income insurance, which solves this problem. A disability policy replaces your income in the event you’re unable to work due to an injury or illness.
So what can you do? Give us a call. We’ll review your current coverages if you have any, and look at options to cover the financial exposures that you may face. I hope this was helpful. Stay tuned for next month when we discuss the most common misconceptions people have about their employer-provided disability benefits.