Tagged: paycheck protection

Is Your Paycheck Protected?

While most people don’t think twice about insuring their cars and homes, they often leave one of their most important assets unprotected—their paychecks. Working Americans rely heavily on their paychecks to support their families and to fund their everyday living expenses, but few consider how their lives would be affected if they were unable to work due to an illness or injury and couldn’t bring home a paycheck. Ask yourself: Could you afford to live without your income?

“Your paycheck is clearly one of your most valuable assets. Just as you insure other valuables in your life, such as your home or car, it is crucial to insure your income,” says Garrett Wheeler, a disability insurance (DI) expert with Guardian in Honolulu, Hawaii. “Think of disability insurance as insurance for your paycheck. It provides an income if you’re unable to work due to an illness or injury.” According to the LIFE Foundation survey, nearly 50 percent of working Americans say they would not be able to make it a month before financial difficulties would set if a disability were to keep them out of work. More than one in four say they would face financial problems immediately. Continue reading