Did you know? Disability insurance goes beyond the physical: It also protects against mental health challenges and chronic illnesses that could keep you from your work. Stay covered on all fronts!
DI in the News – Olympic Edition
Six-time Olympic cycling champion Chris Hoy, age 48, revealed Saturday that he has terminal cancer and has been told by doctors he has “two to four years” to live. A scan revealed primary cancer in his prostate which metastasised to his shoulder, pelvis, hip, spine and ribs.
Combining Critical Illness insurance and Individual Disability insurance can provide a robust financial safety net in case of serious health issues or injuries. Here’s why:
Critical Illness – Lump Sum payments and coverages for major illnesses
Individual Disability Insurance – To have Income replacement in case you cannot work while getting treatment due to the cancer. You also have long-term income security.
By combining the two, the Critical Illness coverage can help your finances while you go through your Individual Disability Insurance elimination period. Together, these insurances cover both immediate and ongoing financial needs, helping you manage large medical expenses and maintain your standard of living.
By having both types of insurance, you can better safeguard your finances against the unpredictable nature of serious health issues and disabilities.
Why Risk it?
Becoming disabled can limit your earning potential. Avoid the scary stuff.
Disability in the News:
Singer-songwriter Matthew Sweet, age 60, suffered a debilitating stroke while on tour in mid-October.
He will be at a specialized rehabilitation center, where he will receive around-the-clock care and therapy for six weeks. He will then require months of treatment and rehabilitation that we hope will lead to a full recovery. Needless to say, the costs for all of this treatment will be overwhelming. We anticipate a total close to a quarter of a million dollars.
As we age, the likelihood of experiencing health issues that could impact our ability to work increases. Despite this, many older adults overlook the importance of individual disability insurance. Here are several reasons why maintaining this coverage is crucial, even in later years.
-Financial Security
-Protection Against Unexpected Health Issues
-Maintaining Quality of Life
-Peace of Mind
With anticipated costs up to $250k in medical expenses, how long would a life-time of savings last under those expected bills? Individual Disability Insurance would help the monthly income coming in and help pay those future bills and not deplete a life-time of saving.
Residual coverage is a valuable benefit for individuals returning to work after a disability. One can receive a portion of their benefits even if they can only work part-time or with reduced duties. It can help bridge the income gap caused due to reduced earning capacity, making the transition back to work smoother and more sustainable.
Give us a call and we can help you determine if this is a benefit you can include in your plan.
Keeping Your Lifestyle Stable, Even When Life Isn’t 🛡️
Life’s unpredictable journey can take unexpected turns, affecting not just our health but our ability to maintain the lifestyle we’ve worked so hard to build. The question often lingers: “If I become disabled and can’t work, how will my life change?”
Think of disability insurance not just as a safety net, but as income insurance. It’s about ensuring that, should the unforeseen happen, your ‘income’ continues to flow, keeping your lifestyle stable and your peace of mind intact.
Because it’s not just about if you can keep going—it’s about ensuring you can without compromise. 🌟
‘It could happen to anybody’
Joe Casey, 54, has been on a ventilator in intensive care since early August when he tested positive for three mosquito-borne viruses — Eastern equine encephalitis (EEE), St. Louis encephalitis and West Nile virus, according to a fundraiser by his family. doctors are not yet sure which of the three is to blame for swelling in his brain that is so severe, the Kensington dad is barely able to communicate with his wife, Kim, and their four kids.
Casey has been in the ICU on a ventilator under 24-hour care, and has also undergone a tracheotomy. “Joe is going to have to go a long-term care and patient rehabilitation, that’s going to be 24-hour care, and really want to get the word out to help this incredible family,” sister-in-law Angela Barker said.
A lot of people think a car accident or something worse will stop them from work and not maying a paycheck. It can be something as small as a bug bite that leads to a long-term disability. This is the reason why protecting your income is a must. You never know what will cause a disability. Protect yourself. Do not let a disability ruin years of savings. Disability Insurance will be your paycheck when you cannot work due to an accident or sickness.
DI In the News: Life can change in a blind of an eye
“I’m not joking when I say your life can change in the blink of an eye, because that was what happened to us,” his grieving daughter Amellia Pawulski, 18, told The New York Post.
Who would think a mosquito would end up in a 5 year disability? Richard Pawulski, 49, was disabled for 5 years due to Eastern equine encephalitis (EEE). The mosquito-borne illness is a rare but “severe” disease that targets the brain, causing rapid physical deterioration and lifelong disabilities — if it doesn’t kill you first.
Richard suddenly fell sick after doing yardwork in the family’s lush, wooded Colchester backyard in August 2019. Just one day after finding a new mosquito bite, Richard complained of intense headaches and began vomiting yellow bile. Ended up with swelling in his brain and ended up in a coma for 2 months.
Richard spent the last five years bouncing between hospitals and nursing homes as he suffered through a traumatic brain injury, liver and kidney complications, seizures and other strenuous illnesses, as well as routine bouts of pneumonia.
His mental state was sorely affected — some days, Richard wasn’t aware of what year it was or where he was. Fortunately, he was lucid enough in the days before his death to tell his wife and daughter that he loved them.
This is a tragic story. You never see a disability coming. That is why it is important to have disability insurance.
Disability in The News: Rachel Romer – Founder of Guild
The founder of Guild, a $4.4 billion education and upskill start up, had a stroke days before her 35th birthday. From the article, “Months of rehabilitation followed: three brain surgeries and three months in hospitals and inpatient rehab. Romer had a “flipped brain,” which meant that, unlike most stroke survivors, she retained the ability to speak—in a more monotone voice than before—and understand others. She held onto her IQ and knowledge. But her right arm and right leg were paralyzed.”
Romer has been navigating life in a wheelchair and adhering to a complete “digital detox,” with minimal screen time. (For months, that meant no email at all but some work via phone calls and FaceTime.) Guild has announced that Bijal Shah will take on the CEO title permanently while Romer continues her recovery. Romer does therapy a few times a week to regain mobility on her right side.
How to protect yourself? Income Protection Insurance. (disability insurance)
This is a prime example of why we need to protect our incomes with Income Protection Insurance. Executive clients have worked hard to get where they are. But have they ever thought about what would happen if they were suddenly unable to work due to an illness or injury? It’s not exactly something we like to think about, but it’s definitely important.
Income Protection insurance is a smart way to safeguard your income and ensure that you can maintain your lifestyle, even if the unexpected happens. It gives you peace of mind knowing that you and your family are protected financially no matter what.