Running a Small Business, Southern California
  • Home
  • Business Blog
  • Entrepreneur Profiles
    • Andrew Kim and Mark Boonark, Healthy Spot Organic Pet Food
  • Articles
    • Starting a Business >
      • The Hard Work and Fun of Launching a Fashion App
    • Administration
    • Accounting and Bookkeeping
    • Marketing and Sales
  • About
    • News

Focusing on the Relevant

Topics and tips that impact running a small business

Real-life Biz advice from Entrepreneurs

Why You Need Disability Income more than Superman

7/16/2016

0 Comments

 
Working professionals, laborers and anybody in the job market who wants to protect their income should consider the benefits of disability insurance. You may be in great health and have a positive job outlook. Terrific. But even Superman had his kryptonite.
​
This post comes courtesy of Chase Smith, Northwestern Mutual.
Chase Smith, Disability InsuranceChase Smith, Contributor
What immediately comes to mind when you hear the words disability income insurance?  A handicapped symbol?  Crutches and casts? For many it’s the well-known case of Christopher Reeves who was known for his role as Superman. 

As Superman, Reeves could deflect bullets and could not be harmed. However, in reality he was in a tragic accident that paralyzed him and made him wheelchair bound for the most of his remaining days after his role as one of the most famous super heroes. 

So this is what disability insurance covers right?  The answer is yes but that doesn’t tell the whole story.  Unfortunately there are many things that are more common and that prevent us from being able to perform our jobs for extended period of time. 

Here is where the C word rears its ugly head. The number one cause of disability claims is cancer and the chemotherapy that is associated with it.  To give you an idea, the chances of an individual to have a disability during their working years prior to age 65 is 25%.  That means one in four people will be out of work for more than 90 days and unable to earn income for at least that long.  That begs the question, what would you do if you were unable to work for an extended period of time?

In the world we live in today people insure their cars, homes, boats, cell phones, and just about every other asset that they own.  In contrast, the majority of this country doesn’t insure the most valuable thing that they have which is their income. 
​
Many companies provide a benefit to employees for disability insurance but it almost always falls short of the amount of coverage needed and is designed for each employee to have a supplemental policy they put in place on their own. 

Homeowners take out insurance policies on their home; it is law that you have insurance if you own a car; and most people who own a phone have insurance on that as well.  This simple logic would dictate that if you have an income you should look into having disability Insurance to protect that as well.

About the Contributor
Chase Smith is a graduate of University of Missouri-Saint Louis
Bachelor of Business Administration (B.B.A.), Business Administration and Management, General
Visit him on Chase Smith, LinkedIn. 

0 Comments



Leave a Reply.

    Archives

    July 2016
    June 2015
    May 2015
    March 2015
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    April 2013
    March 2013
    February 2013
    December 2012
    November 2012
    March 2012
    February 2012
    January 2012
    December 2011

    RSS Feed

    Don Simkovich

    Where to find Don online:
    Don Simkovich.com
    LA Business News Examiner
    Amazon
    Kobo Books
    Barnes and Noble

    Categories

    All
    2016 Election
    Bookkeeping
    Business Consulting
    Business Funding
    Business Health
    Business Interviews
    Business Networking
    Business Operations
    Cash Flow Tips
    Copywriting
    Entrepreneurship
    Financial
    Goal Setting
    Health Care Law
    Hiring
    Innovation
    Issues
    Key Performance Indicators
    Legal
    Marketing
    Office Supplies
    Opinion
    Policy
    Public Relations
    Running A Business
    Sales
    Starting A Business
    Strategic Planning
    Taxes

Powered by Create your own unique website with customizable templates.
  • Home
  • Business Blog
  • Entrepreneur Profiles
    • Andrew Kim and Mark Boonark, Healthy Spot Organic Pet Food
  • Articles
    • Starting a Business >
      • The Hard Work and Fun of Launching a Fashion App
    • Administration
    • Accounting and Bookkeeping
    • Marketing and Sales
  • About
    • News
✕