You insure your home, your car, your life (aka your spouse and children’s future) without much thought.
Your employer offers help to insure you (hopefully) against financial loss due to sickness and accident to you and your family.
Those same business owners insure their business from financial loss.
That’s a lot of insurance. But is it everything?
• About that savings plan you have for retirement? Have you insured that?
• How about next week’s groceries? Or next month’s?
• Have you insured against your car payment for the 36 months you have left before it’s paid off?
• Have you made sure the mortgage will always be paid on time so you don’t ever lose the house?
• And the kid’s college savings? Will you always be able to contribute every month so that they can go to the school of their choice?
Do you insure your paycheck? Or are you like most Americans and take it for granted that you will always be able to work? Sure, you might get sick and miss a few days of work….and you can handle that. But what happens when you can’t work for a month, two months a year, maybe two or three?
Disability insurance replaces your paycheck when you can’t work. Some policies begin to replace income on the first day in the case of an accident and day eight when sick.
What made me think to talk about this again? I have a good friend that is right this very minute at the National Institutes of Health battling cancer for the second time. The surgery went well, but he had about 10 feet of his small intestine cut out of him. His mother and brother died from this rare form of cancer. He didn’t know anything about it until researchers determined it was hereditary. My pal will be out of work for more than an extended period of time. He didn’t know that before it happened. Nobody does.
What are you doing to insure your paycheck?
