Income Protection & Consequences of Saying ‘No Thank You’

Forty years later, I’m still surprised when someone says, ‘no thank you’.

Income is critical for the support of the people we love. If we get sick or hurt, where does the money come from?

Case #1:               A 42-year-old male lawyer left a large firm a year ago to start his own estate planning practice. He left behind his income safety net which included disability income insurance. He has four young children. Every time I see him, I remind him of the consequences to his family of not having income coverage. It’s irresponsible! But the answer is always the same. ‘I know. I’ll take care of that soon’.

Case #2:               A 36-year-old health care entrepreneur started his own placement agency two years ago. He has six children and a seventh due in January. I asked him about his income and what happens to his family if he gets sick. He says he’s not worried. Nothing is going to happen to him. He’s in health care! He sees the financial consequences of income loss due to illness or injury all the time.

Jeez. How reckless hoping nothing bad happens. Hope is not a very good plan!

When you are ready to talk to an expert about your income protection and Long-Term Care plans, schedule a call: Find more long-term care resources in our blog.

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