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We go through our whole lives planning, spending time with family and seeking security in some fashion.  Typically there are three concerns most people have about their financial situation.  We will live too long, die too soon or get too sick or hurt and lose our money because we can’t work.

We have confidence that financial planners are doing a great job.  Through experience and knowledge they are looking out for their clients.  Most Americans take responsibility to spread some of their money out today so they can afford to live their life to its fullest, long after retirement starts. This is a process a financial planner helps with, to make hard earned money go much further. 

A good life insurance agent will make sure that, in the event of a death, one is covered with enough protection for his or her family in the time of emotional need.  This can range from just enough to cover expenses to enough to pass down money to grandchildren so they have a great college education and have a solid foot forward in life. We all hope to live a good long life, but things happen to make it a challenging, unpredictable course.

One of the problems we face today, that most financial planners and life insurance agents miss the mark on, is talking about if Americans get too sick or hurt to work.  The excuses for this may vary.  It’s devastating to know that most bankruptcies are due to medical bankruptcies.  It is also noted that three-quarters of them had health insurance at the time of the onset.  Is health insurance the problem? Certainly in a few cases health insurance is a problem, but there is more to it than that.

If there was a way to financially protect families if you were to get too sick or hurt to work shouldn’t you know?  Most Americans are not aware of any products available.   Some will immediately shout out “AFLAC,” that duck on TV.  AFLAC does have financial supplemental products to protect employees if they get sick or hurt.  However, for some it is not enough protection.

Life insurance in general should be called death insurance, because there are no benefits paid until someone dies.  However, more and more people are surviving a major illness.  This is cause for great concern and we all should be planning for this.  Most Americans insure things that are important to them such as their car, home and life.  They forget that they should insure their number one asset, which is the ability to work.  This is why leveraging a qualifying life insurance plan that pays out in the event someone is critically ill or disabled, is crucial.  The policy will still pay a death benefit, like all life insurance policies.  However, this type of life insurance also gives a ‘living’ benefit.

In conclusion:  Disability insurance can be hard to qualify for due to income, especially if you are a small business owner.  Disability also has tougher underwriting guidelines depending on the occupation.  Long Term Care Insurance is expensive and you may never need it.  Of course we never know if we will need it and that’s why we buy insurance.  Now you can leverage your money if you need it, today if you get sick or tomorrow for your family.

Posted by Butch Zemar, President of Elite Benefits of America.  He can be reached at 708-535-3006 or online at www.elitebenefits.net