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Financial planning constantly asks the hard questions about life and death. Not just the “if” questions but also the “when” questions. Although it is often hard to think about the inevitable, the possible and the probable, you should take all these into consideration to ensure you have a strong financial support strategy in place.

The nonprofit Life HappensSM Foundation coordinates Disability Insurance Awareness Month in May to help people think more about the financial consequences of the possible and the probable. According to the Life Insurance and Market Research Association (LIMRA), 65 percent of consumers believe most people need disability insurance, but only 20 percent own disability insurance.

Caring hands - life insurance

Around 8.5 million Americans currently receive disability payments, and the Social Security Administration estimates one out of four of today’s 20-year-olds will become disabled before reaching age 67.  The average monthly Social Security Disability benefit in January 2019 was $1,234, and less than half of Social Security Disability Insurance applications are approved. While many Americans think disabilities are caused by catastrophic, one-time events, approximately 90 percent of disabilities are caused by illnesses rather than accidents. The most common cause of long-term disability claims is musculoskeletal disorders, and cancer is the second highest.

The Council for Disability Awareness hopes to get the message out that if you have a job and earn a paycheck, you need disability insurance to regain at least part of that income should you become disabled.

Accepting that you are susceptible to disabilities is the first step toward securing your finances against the possible and the probable. The next step is to make sure you have the right coverage to replace your income if something happens. Call our office today for a consultation to review your plan for maintaining your income in the event of a disability or to learn more about the need for coverage to protect your assets and your family should you ever become disabled.

Registered Representatives offer securities through Securities America Inc., Member FINRA/SIPC. Advisory Services are offered through The Patriot Financial Group, a registered investment advisor. The Patriot Financial Group and Securities America are separate entities.

Written by Securities America for distribution by John A. Gordon, MBA CRPC, Summit Star Advisory. SAI#1789349