|
Have you ever thought about
what would happen to your family if you were seriously injured,
hurt or became disabled? Few people could survive for very long
without a regular paycheck. Could you? If you're like most people,
you get a paycheck only if you show up for work. Disability Insurance
helps pay the bills while you're home recuperating from a short
or long term injury or illness. Don't be caught without it like
Jim, you'll be surprised at how affordable this coverage really
is.
What happened to Jim?
Jim was a Painting Contractor. He was a hard worker. He took all
the jobs he could, to give his family all that he didn't have as
a boy. He worked 50+ hours per week. His daughters went to private
schools and dance classes and his son was just about to head off
to college for his first year. His wife was remodeling their home.
She was so happy that the bank allowed them to pull out some of
their equity, to convert this Victorian style house into a showplace.
Jim and Sheila never thought about how the family's bills would
get paid if Jim couldn't work. They always thought nothing was going
to happen to them or if it did that Social Security would provide
for a disability.
One nice sunny afternoon, Jim was working outside, painting a house.
Somehow the ladder slipped and Jim came down, hard, hitting the
concrete driveway with both of his hands and catching his left leg
on a rung of the ladder, twisting it. Jim broke both wrist and forearms
and his left leg.
He told me about how he heard his thighbone snap and how the pain
in each hand was like having two concrete blocks dropped on his
fingers and then knives being driven in to his wrists. The pain
was like nothing he had ever experienced in his life. But that was
nothing compared to what was to unfold over the next 9 months.
Jim's paychecks stopped coming after all his clients paid for the
jobs he'd previously done. The painting jobs stopped immediately.
Sheila took a part time job just to put food on the table. The next
part of this story is unbelievable, but true. Like many American
families Jim and Sheila lived pretty much from paycheck to paycheck.
They had little in savings. They had nothing to show for except
all the toys and a hefty mortgage and some bank loans, used to help
them live the good life. His girls felt the pain immediately when
Sheila had to tell them they would have to start attending public
school because there was no money for the tuition. Their son, who
had money saved up for the first semester, about $4000, ended up
not going to school that year. He had to get a job and the $4000;
he gave that to his parents to help pay the mortgage payments.
Unfortunately that $4000 only bought them 3 months of relief. Jim
was now in rehab. But things went slowly. He wasn't as young as
he thought and his body was taking its time to recover no matter
how much he wanted to hurry it along. His wife was now suffering
from serious depression and the girls complained about their new
teachers at the public school they attended. There were just so
many more kids and they resented the lack of attention. To make
matter worse, Sheila's depression was not covered by their health
plan and they had to make a decision about to continue on COBRA
health insurance. They didn't know how they would pay for that either.
Money wasn't tight; it was non-existent! Soon the mortgage company
was sending late notices. Sheila began to think about taking out
another loan from the bank. They had plenty of equity in their home.
Then she found out the awful truth. Bankers don't lend money to
folks who can't pay it back. But it was their money, their home
and their equity! A real Catch 22. The bills started to pile up
now. Jim's recovery was slow. He needed special rehab due to his
severe injuries, and to make matters worse the psychological pressure
of the bill collectors was becoming unbearable.
Finally the bank started foreclosure proceedings against them.
The day the envelope arrived with the Notice of Default in it, was
a day they all want to forget. They were beat. They had no resources
to fight with anymore. Even despite the hot real estate market,
the foreclosure vultures were offering only 60% of what the house
was worth! They lost the house, the kids lost education opportunities
and to add insult to injury Jim lost his job. His boss just couldn't
keep that position open forever.
Jim asked me if there wasn't a policy that could have paid the
bills while he was laid up? I asked him if his agent had ever talked
to him about income protection coverage or Disability Insurance?
He said no, he had auto and homeowners, and some life insurance,
but not that other coverage.
Why should you buy Income Protection coverage?
1. You're 7 times more likely to have a disabling injury or illness
before age 65 than die before 65?
2. You're 16 times more likely to have your mortgage foreclosed
on after an injury than after a death.
3. A recent survey by USA Today said that serious Illness is the
cause of 50% of all bankruptcies.
4. The average length of a disability is 9 months! 67% of all disabilities
are over in 22 months.
What would be covered when I get injured or sick?
1. Mortgage payments
2. School tuition
3. Food, Gas, Car payments
4. Telephone bills, utilities
5. Insurance premiums
6. Dance lessons
7. House remodeling expenditures
8. Vacations that you had planned for
9. Other living expenses
How can I get coverage? Click Here
FOR A FREE QUOTE!
"Most people don't plan to fail, they just fail to plan".
-Anonymous
Sincerely
Jonathan Morgan
Author, Speaker, Consultant
|
