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Is YOUR paycheck protected?
FOR IMMEDIATE RELEASE CONTACT: Shelly Alvarez
Is Your paycheck Protected?
Don't let these four myths stop you from getting
The disability insurance coverage you need
San Antonio, TX, May 2, 2011 - Most people feel secure in the fact that they have their homes and cars insured, in case something were to happen to them. But what many don't consider is properly insuring what pays for those things-their paycheck.
"Your paycheck is your most valuable asset, and just as you insure your other valuables, you need to insure your ability to earn an income," says Shelly Alvarez, President of Shelly Alvarez Insurance & Financial Services in San Antonio, TX. "Think of disability insurance as insurance for your paycheck. It provides an income if you're unable to work due to an illness or injury."
If disability insurance is so essential, why do the majority of Americans lack this important protection? Alvarez says that some common misconceptions are to blame, and it's important to understand that these are myths not reality.
Myth 1: I'd rely on my savings until I could get back to work.
The reality is that most people overestimate what they have to cover their expenses if a disabling illness or injury kept them from earning a paycheck. According to a LIFE Foundation survey, half of working Americans say they couldn't make it a month before financial difficulties would set in. And keep in mind that disabling illnesses or injuries often last for months or even years.
Myth 2: I don't need it-I don't work in a dangerous profession.
You actually have a three in 10 chance of suffering a disabling illness or injury during your career that would keep you out of work for three months or more, according to the consulting firm Milliman Inc. And the odds of suffering a long-term disability are high for all workers because illness-not accidents-account for 90 percent of disabilities that keep people out of work, a study by the Council for Disability Awareness finds. That means disability insurance is something every working person needs to be thinking about, says Alvarez.
Myth 3: The government provides assistance when someone becomes disabled.
According to the National Safety Council, a majority of long-term disabilities-90 percent-are a result of an injury or illness that is not work-related, and therefore wouldn't qualify for state-based Workers' Compensation programs. And if you were hoping for Social Security disability benefits, know that about 65 percent of those who apply are initially denied, and those who are approved receive an average monthly benefit of just $1,065, which would leave you with an income barely above the poverty line.
Myth 4: I have disability coverage at work.
Disability insurance through work is a great benefit, says Shelly but you need to find out exactly what coverage you have. Keep in mind that the Social Security Administration shows that 69 percent of workers in the private sector don't have long-term disability insurance. And short-term or partial coverage wouldn't be enough if you were unable to work for an extended period of time.
MAY is DIAM (Disability Insurance Awareness Month)
Why Devote a Month to Disability Insurance Awareness? You're most important asset is not your home, your car, your jewelry or other possessions. It's your ability to earn a living. Think about it: All of your plans for the future-from buying a home, to putting your kids through college, to building a retirement nest egg-are based on the assumption you'll continue to earn a paycheck until you retire. But what would happen if those paychecks stopped? That's where disability insurance comes in. It provides an income to you and your family if you are unable to work because of illness or injury.
Shelly Alvarez Insurance & Financial Services, PLLC
Phone: (210) 827-8787; E-mail: firstname.lastname@example.org
Tags: kw commercial, kw commercial sa, kw commercial san antonio, link legrand, Luke LeGrand, San Antonio Commercial Real Estate, Shelly Alvarez, Shelly Alvarez Insurance & Financial Sevices, texas insurance