Don’t Leave Financial Security To Luck

posted by Winthrop Cashdollar

on May 1, 2017

AHIP joins many other concerned stakeholders in efforts to boost awareness of the risk of disabling illness or injury, the financial risk of work disability, and how private disability income protection safeguards working Americans against these risks.

Over the course of my professional career, I have been very fortunate. I have not missed more than a day here and a day there of work due to illness or injury. But I was not always so lucky.

During my teenage years, my twin brother and I became energy entrepreneurs – by which I mean that we started a firewood business.  We would find landowners willing to part with hardwood trees, then cut, split, season, and deliver the wood to customers around town.

One June many years ago, I was working to take down a large silver maple tree in a residential neighborhood. In order to take the tree down, I had to climb into it to cut it down bit by bit, branch by branch, rather than having the whole tree fall on any of the surrounding homes, cars, power lines, etc.

On the second day of this job, about 25 feet up, I grabbed a branch to climb a little higher. A half second too late, I saw that the branch was dead. The branch broke. I fell to the ground.

I spent much of that summer in the hospital and underwent two surgeries. In retrospect, however, I was, in fact, lucky. I was alive and I suffered no permanent disability. I was also fortunate in that, at the time, I did not have to support myself or a family financially.

Working Americans who rely on earned income to support themselves and their families need disability income protection. Yet about twice as many Americans working in private industry lack private disability income protection as have coverage.

If you are not already fully aware of – or fully protected against – the financial risk of disabling illness or injury, take advantage of Disability Insurance Awareness Month to give yourself peace of mind and your family improved financial security:

  • Make sure that you know whether you and your family have disability income protection.
  • If you have disability income protection through your employer, do the math to figure out if it is enough.
  • If you don’t have disability income insurance – or don’t have enough – speak with an insurance professional about acquiring coverage.

Winthrop Cashdollar is executive director of Product Policy at AHIP.

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