Friday, March 22, 2013

dfree® Tip of the Week

I was startled to read the following data from Sun Life Financial.  Two out of ten people will experience a disability lasting one year or more during their professional careers.  Smart Money Magazine reports that one in seven workers will be disabled for more than five years. While many people think that disabilities are typically caused by freak accidents, the majority of long-term absences are actually due to illnesses, such as cancer and heart disease.  Here is the reality – traumatic events will occur.  We must be financially prepared for the unexpected.  

Dr. Martin Luther King, Jr. was assassinated at 39 years old.  Just before his death, he signed insurance documents, which he had avoided for years.  As a result, his widow, Coretta Scott King, received a check every month until the day she died 38 years later.

Remember this, if you fail to plan, you plan to fail.  Here are items of immediate importance.  Secure long-term disability insurance to replace all or a portion of your income if you are unable to work because of illness or injury.  Check into coverage through your employer first, then check with a trusted outside provider.  Verify that your life, home, and auto insurance policies are current and sufficient for the needs of your family.  Meet with an attorney to draft your will, health care proxy and power of attorney, and look into identify theft protection.  Pursue these items immediately.

This weekend, read and study Proverbs 13:22 and pray for strength to prepare for the unexpected. 

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