Eighty-two percent of Americans strongly agree that if you own a car, you need car insurance. Eighty percent feel that if you own a home, you need homeowner's insurance. But did you know that fewer than half of all Americans (48 percent) strongly agree that it's necessary to protect an asset that is many times more valuable than cars or homes — their paycheck — with disability insurance? This is what a 2010 LIFE Foundation survey recently discovered.
That's where we, the agents and advisors, come in. Few people stop to think about what would happen if an accident or injury left them unable to work or earn a paycheck. Those who do think about it may erroneously assume that they will be able to rely on worker's compensation or Social Security to see them through their disability. This is why, each May, the LIFE Foundation focuses the industry's attention on this critical issue during Disability Insurance Awareness Month. The theme for this year's campaign was Protect Your Paycheck — something that should resonate with everyone who works and earns a paycheck.
Throughout this year, it's our job to educate the public about the importance of protecting their paycheck with disability insurance, and to make sure they obtain the coverage that they need.
I know it isn't easy. Take a typical 20-something: They think they are invincible. What can happen to them, right? A disabling illness or injury? That's for other people, older people.
This widespread mentality is one of the things that makes the realLIFEstory of Bill Reid so amazing. He was just 26 years old and working as a banquet manager when he bought an individual disability insurance policy. He also increased his coverage as his earnings rose.
