What is your most important asset? Many people might say their home, car, or other valuable property but the better answer would be “my ability to earn a living,” because it’s unlikely that you’ll be able to acquire a home, a car, or any other belongings without income.  Further, all of your future plans, including the ability to retire, are likely based on the assumption that you’ll continue to generate income. But what would happen if you were unable to work because of illness or injury? Are you prepared for a temporary or even permanent loss of earnings?

Many people assume that income will be replaced by Social Security, Worker’s Compensation, or employer sponsored benefits. In reality, however, Social Security typically covers permanent disability, worker’s compensation is only applicable to work related injuries and, if you are unable to work for an extended period of time, you may even lose the benefit of employer sponsored health and retirement benefits.

Ultimately, the burden primarily lies with you to create a “safety net” to provide replacement income should you become disabled. May, which is Disability Insurance Awareness Month (DIAM), is the perfect time to plan for such an event. Here are just a few suggestions to get you started:

Protect your individual earnings.  Disability insurance is specifically designed to replace a portion of your income. You can obtain an individual policy, enroll in an employer-sponsored group disability plan if offered, or do both.

Even if you already have disability insurance it's important to actively monitor and reassess the policy to ensure that your income replacement needs are met in the event of disability.

Protect your business. If you are a business owner, you can secure the continued operation of your company with “Business Overhead Expense” insurance to cover expenses should you become disabled.

Protect your estate. Have a trust drawn up or create a will to designate a person of your choice to take charge should you become incapacitated.

If you already have a trust and/or will, make sure they are updated to reflect your wishes.

Consider setting up a Special Needs trust for a disabled or mentally challenged family member to ensure the continued use and enjoyment of their property and access to essential government benefits to which they are entitled.

Planning is the key in preparing for any unanticipated event, including loss of earnings due to injury or illness. So take the time during Disability Insurance Awareness Month to investigate the available options to ensure continued income and protect your future.

PLEASE NOTE: The Morris Group does not provide tax and legal advice and for such advice consult with appropriate professional counsel.  Products available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and product availability in your state or locality.

 

 


Please use our website as a resource, and click here to contact us for additional information, customer service requests & forms, or to schedule a meeting.

Roger H Morris, CLU®, ChFC® is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of AZ, CA (CA Insurance License No.0594623), MT, NV & TX. No insurance business may be conducted outside these states referenced.

Roger H Morris, CLU®, ChFC®, ia a member agent of the Nautilus Group, a service of New York Life Insurance Company.

Roger H Morris, CLU®, ChFC® is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the state of CA. No offers may be made or accepted from any resident outside the specific state referenced.

Roger H Morris, CLU®, ChFC® is also separately registered as an investment adviser representative ("IAR"), under Eagle Strategies LLC, a Registered Investment Adviser, offering advisory services in the state of CA. As such, these services are strictly intended for individuals residing in CA.

Jasmita "Jessie" Patel, LUTCF is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of AZ, CA (CA Insurance License No.0F29979), TX & UT. No insurance business may be conducted outside these states referenced.

Jasmita "Jessie" Patel, LUTCF is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the states of AZ and CA. No offers may be made or accepted from any resident outside the specific states referenced.

Jasmita "Jessie" Patel, LUTCF is also separately registered as an investment adviser representative ("IAR"), under Eagle Strategies LLC, a Registered Investment Adviser, offering advisory services in the state of CA. As such, these services are strictly intended for individuals residing in CA.

Scott Schultz is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the state of CA. No offers may be made or accepted from any resident outside the specific states referenced.

Scott Schultz is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the state of CA (CA Insurance License No.0G83708), No insurance business may be conducted outside these states referenced.

R H Morris Insurance & Financial Services is not owned or operated by NYLIFE Securities LLC or its affiliates.

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