DO I NEED DISABILITY INSURANCE?
Why do Americans forget to insure their paychecks? Because they usually believe one of these disability insurance myths:
MYTH #1:
Social Security will cover me if I become disabled.
REALITY:
Social Security only pays benefits to those with total disability, which is defined very strictly. It does not cover partial or short-term disabilities.
MYTH #2:
I have disability insurance through my employer.
REALITY:
Many people are fortunate to work for a company that cares for its employees – that’s a huge benefit. However, most group disability insurance plans only cover 60 percent of an employee’s income with TAXABLE benefits. After taxes, they receive just 42 percent of their income. If they can sustain their lifestyle on 42 percent of their income, they’re in great shape. If not, they should consider a supplemental policy.
MYTH #3:
Disability insurance is too expensive.
REALITY:
By looking at the value received compared to the cost, disability insurance is actually less expensive than auto or homeowners insurance. For just a few dollars a day, a person can insure millions in tax-free income. There’s truly no better deal.
MYTH #4: I’m probably uninsurable.
REALITY: Very few people are uninsurable. The Knights of Columbus also has a Guarantee Issue Disability Income program for life insurance applicants who have life policies issued Premier, Ultra Premier, and Premier Tobacco.
MYTH #5: I’m not going to be disabled. I work in an office!
REALITY:
Seventy-five percent of disability is caused by illness rather than injury, and statistics show that more than one-quarter of today’s 20-year-olds will become disabled at some point during their working years. Ask the question, can you afford to go without a paycheck for six months or more?
Now that you understand the facts, you surely agree disability insurance is an essential component of every financial portfolio. And with the Covid-19 Pandemic and a lackluster economy, consumer interest in income protection is gaining momentum. There’s never been a better time to talk to people about income protection.
Abide by the old proverb, “There’s no time like the present.” Don’t delay — Make income protection your priority.
CONTACT YOUR FIELD AGENT TODAY!
Cicero Seidedos, Cicero.Seisdedos@kofc.org
Councils: 5000, 6302, 6307, 6734, 7156, 8578, 10475, 11743, 12733, 12935, 13227, 14105, 14669, 14620, 15124, 15594, 15774, 15952, 16109, 16267, 17024, 17320.
Galo Camacho, Galo.Camacho@kofc.org
Councils: 6906, 10190, 11485, 11636, 12045, 13663, 14663, 15300, 16002, 16414, 16741, 17124.