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Is your paycheck protected?
May is the perfect time to consider a financial safety net
| MINNEAPOLIS (May 3, 2010) – While most people don’t think twice about insuring their cars and homes, they often leave one of their most important assets unprotected – their paychecks. Working Americans rely heavily on their paychecks to support their families and to fund their everyday living expenses, but few consider how their lives would be affected if they were unable to work due to an illness or injury and couldn’t bring home a paycheck.
“Your paycheck is clearly one of your most valuable assets. Just as you insure other valuables in your life, such as your home or car, it is crucial to insure your income,” says Bruce Fear, vice president, Protection Products and Solutions, for Thrivent Financial for Lutherans. “Think of disability income insurance as insurance for your paycheck. It provides an income if you’re unable to work due to an illness or injury.” According to the LIFE Foundation survey, nearly 50 percent of working Americans say they would not be able to make it a month before financial difficulties would set if a disability were to keep them out of work. More than one in four say they would face financial problems immediately. While no one likes to think about becoming disabled, the chances of suffering a long-term disability are much higher than most people think. According to the consulting firm Milliman, Inc., U.S. workers have a three in 10 chance of becoming disabled for 90 days or more between age 35 and 65. That means disability income insurance is something every working person needs to be thinking about, says Fear. Disability income insurance is the most overlooked and misunderstood of the major forms of insurance. As May is Disability Insurance Awareness Month, Thrivent Financial and the LIFE Foundation provide the following three tips to help people assess their coverage needs: Step 1: Determine if you need it. The general rule of thumb is: If you have a job, you need disability income insurance. It provides replacement income if you’re unable to work due to injury or illness, helping you meet your financial obligations until you are able to return to work. Step 2: Estimate how much you need. Determine what your monthly living expenses are and compare them with the money available to you absent your paycheck, such as current insurance coverage through work or purchased on your own, savings, and income from other family members. Often, these resources may not be enough to support your standard of living if you were no longer able to earn a paycheck. Use Thrivent Financial’s disability income insurance calculator to help you figure out how much coverage you may need: https://www.thrivent.com/calculators/dinkytown/Disability.html. Step 3: Explore your options. There are several ways you can obtain disability income insurance. While a common source of coverage is through employers, you can also purchase an individual policy through a qualified insurance professional. Also, if you belong to a professional organization, you may be able to purchase disability income insurance through a group plan. Meeting with an insurance professional in your community or your benefits manager at work can help you sort through your various options and find a plan that fits your needs and budget. For more information, visit: https://www.thrivent.com/insurance/disability/index.html. About Disability Insurance Awareness Month Disability Insurance Awareness Month (DIAM) was created to get American workers to think about the need to protect one of their greatest assets – their ability to earn an income. Held in May, DIAM is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com. Also, you can find us on Facebook and Twitter. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial. Bank products and trust services are offered through Thrivent Financial Bank®, (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, securities, investment advisory services, and trust and investment management accounts are not deposits, are not guaranteed by Thrivent Financial Bank, are not insured by the FDIC or any other federal government agency, and may go down in value. For additional important disclosure information, please visit Thrivent.com/disclosures. -END- 201001614 |
| Contact Information: | |
| Brett Weinberg Director, Public Relations brett.weinberg@thrivent.com Phone: (612) 844-4272 | |
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