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Most Alternatives to Replacing Lost
Income Are Only Halfway Measures
Halfway
Measures
Most alternatives to replacing lost income are only halfway
measures.
You
can't rely on Social Security.
Qualifying for Social Security benefits is very difficult
because the disability must prevent you from doing any kind
of work - not just your usual job. Even if you did qualify,
57% of Social Security disability applications are denied
at the first decision level.
If you still think you could get by on Social Security benefits,
consider this. The maximum payment in 1995 for an eligible
30-year-old earning $61,200 or more is barely $1,400 a month!
Could you live on that?
You
can't rely on Workers' Compensation.
Worker's Compensation only cover job-related sickness
or injury. In addition, these benefits are limited.
You
can't rely totally on Group Coverage.
Group Coverage is not designed for individual needs and
is not under individual control.
You
can't rely totally on your spouse's income.
Even if the other spouse works, one income is not adequate
to maintain a two-income lifestyle. Can one person be spouse,
parent, private nurse and sole bread-winner all at the same
time?
You
can't rely on your savings, on your family or on a bank loan.
If you saved just 5% of your income each year, a six-month
disability would wipe out 10 years of savings, and when savings
are gone your other assets would begin to dwindle as well.
After your savings depleted rapidly, would family or friends
be so willing to help you out? Even a bank wouldn't want to
give a loan to a disabled person with no income and no guaranteed
prospect of being able to repay.
You
can't rely on totally on liquidation of your assets.
If you liquidate your assets, can you get a fair market
price when you are forced to liquidate?
The
Sure Thing
If you want to be sure that your income is adequately
protected during a disability, you need an income insurance
protection plan. But while such a plan can be designed to
fit your individual needs, it is only as good as the Company
and the disability income insurance policies that stand behind
it.
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Martinson
Insurance
518 Hawthorne Street • PO Box 8
Alexandria, MN 56308
Phone: 320-763-6518
Toll Free: 800-757-6518
Fax: 320-763-5546
E-mail: agency@martinsoninsurance.com
Web: www.martinsoninsurance.com
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