31 Tips for Income Protection
Income Protection is for Everyone
If you’re working and earning a paycheck, chances are, you need to protect your income. Without the right protection, a lot is at stake if you become too sick or hurt to work. Follow these 31 tips to get started on the path to a more secure future!
Step 1: Get Started
TIP 1: Disability insurance is often called income protection. It protects your income if you become too sick or hurt to work. bit.ly/1q1KG04.
TIP 2: Why should you protect your income? Because disabilities happen, and they can last a long time. bit.ly/1fT7XfI
TIP 3: Life and disability insurance often go hand in hand. One provides a death benefit. The other, a living benefit. bit.ly/1fT8wX1.
TIP 4: If a disability derails your savings, your plans for retirement may look very different. Protect your ability to save. bit.ly/1hphP0d.
TIP 5: Don’t underestimate your lifetime earnings potential (Hint: It’s probably in the millions!) Calculate it: bit.ly/ZW99G5
TIP 6: You can’t prevent the unexpected, but you can prepare for it. Just like you protect your home and car, protect your income! bit.ly/1hpiLBR
- TIP 7: If you woke up in a hospital tomorrow, would you be prepared? bit.ly/1jcjJWr
Step 2: Understand What Your Paycheck Provides
TIP 8: It’s not just the big things your paycheck makes possible. It’s also the little things. Here’s why income protection matters: bit.ly/1k8YXuv
TIP 9: Tally your expenses to see what’s really going out each month. How do you cover those if you’re too sick/hurt to work? bit.ly/1k914OZ
TIP 10: Review your retirement and savings account balances. Could you afford to retire tomorrow? If not, you need income protection.
TIP 11: Which of these income options would you choose? bit.ly/1siwCDn
TIP 12: If your income stopped tomorrow, what would you have to give up? http://bit.ly/1mQCLpa
Step 3: Learn about the Cause and Effect of Disabilities
- TIP 13: Quick! What’s the leading cause of disability? Hint: It’s not accidents. bit.ly/1fIt485
- TIP 14: What does disability look like and who does it affect? It can happen to anyone. bit.ly/1hpnC5Y
- TIP 15: Here are 26 reasons why protecting your paycheck is so important - from A to Z. bit.ly/1k93gWA
- TIP 16: The risk of becoming too sick or hurt to work is different for everyone. Calculate your own quotient: bit.ly/1hpo9VE
Step 4: Think about How You Would Get By
- TIP 17: Think of 3 people who would run your errands and pay your bills for a month. If that’s too much to ask, you need income protection.
- TIP 18: Where would the money come from to replace your income if you were too sick or hurt to work? Is it a reliable source? bit.ly/1mUg7Mu
- TIP 19 Do you know what your health insurance covers? Would it cover your mortgage, car payment or groceries? bit.ly/1g0HrBm
- TIP 20: Think about all the things you protect with insurance. Is your income on that list? bit.ly/1jnQrUR
- TIP 21: If you have group disability coverage, check with your employer to see what that policy covers. Ask these questions: bit.ly/1g0Tles
- TIP 22: Did you know? Income protection is affordable. It’s less than what you might spend on little things each day. bit.ly/1mUhxGR
Step 5: See How Protection Has Helped Others
TIP 23: Tim's story: Group and individual disability benefits mattered to him and his family after a serious diagnosis: brain cancer. bit.ly/PSqoef
TIP 24: Nancy’s story: She was prepared to take a loss and retire early from teaching. Insurance benefits were there when least expected. bit.ly/QXl2zm
TIP 25: Bruce’s story: At the start of his career, he bought income protection, never expecting to use it. That decision paid off. bit.ly/QXl8qM
TIP 26: James’ story: A sudden stroke put his family and law firm at risk, but the right protection made all the difference. bit.ly/1lLkNnB
TIP 27: Keith’s story: Even as a kid, he was passionate about being a veterinarian. Disability insurance helped keep his dream alive. bit.ly/1gDtf0y
Step 6: Take Action
- TIP 28: How much income protection coverage do you need to help weather a disability? Try this calculator: bit.ly/1jUUAAu
- TIP 29: How does income protection fit with your overall financial strategy? Visit the planning center to evaluate your needs. bit.ly/PFS5aj
- TIP 30: Make an appointment with your financial advisor to talk about income protection. If you don’t have one, we can help you find one. bit.ly/1hliMwx
- TIP 31: It’s trivia and taking out bad guys in one! Test what you’ve learned about income protection. Play a round of Defend Your Income. bit.ly/XCo4ZD
Disability insurance has limitations and exclusions. For costs and complete details of the coverage, contact your Principal Life representative.
DI 8754 - 04/2013
Content Last Updated: 04/15/2014