IBA SUCCESS MAGAZINE Issue 5 Volume 5 | Page 6

Wealthy have it and you should too !
EXPERTS LANE n FINANCIAL ADVICE

Income Protection

Wealthy have it and you should too !

By Nesterine Blair , WFG Associate

Your income is one of your greatest financial assets . Most Americans work approximately 40-50 years over the span of their lifetime . If suddenly you had no income , would you or your family be stressed to find a way to replace it or would you rather have something in place that allows enough financial security for you or your family to live comfortably ? What are you doing to protect your income ?

Did you know that you can use life insurance to protect your income ? Life insurance can provide income protection which will give peace of mind to you and your loved ones . A little known fact among the middle class is that wealthy people not only protect themselves , but also their income .
The Pew Research Center reports that 60 % of U . S . households are dual income and typically covers the mortgage , car payments , living expenses , childcare , saving for college and saving for retirement . At the end of the month , families are often left with little or no discretionary funds . If one or both paychecks are suddenly lost due to illness or death , would there be enough money for your family to make ends meet ? Let ’ s talk a little about illness . We often think about health insurance to protect us for illness , but what happens if the illness is long term like a critical or chronic illness and you have to take the time off from work to recover ? According to the Council for Disability Awareness , an accident is not usually the cause of a disability later in life . Instead , the inability to earn a paycheck
can be caused by heart disease , cancer , and other serious illness .
Would you have the ability to write a check to cover your bills or would you want an insurance company to write you a check ? The old notion was that death has to occur for someone to benefit from life insurance . Not anymore ; there are plans that give you benefits while you are alive so that your bills are covered while you are recovering .
If the breadwinner in the family is suddenly gone due to death , can the family continue to maintain their current lifestyle ? Nothing can replace you when you die but with the right amount and type of insurance , your family can have the peace of mind that comes from knowing that the people who depend
on you will have the financial security to continue to live without the worry of not having enough monies to keep the lights on , remain in their home and continue to plan for the future .
If income protection is a concern to you and your family , we need to have a conversation …
Nesterine Blair , WFG Associate WFGConnects . com / NesterineBlair NesterineBlair @ gmail . com
BOTTOM : COURTESY OF NESTERINE ; TOP : ADOBE STOCK
4 IBA Success Magazine n VOL 4 , Issue 5