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Income Protection

31 Tips for Income Protection

Income Protection is for Everyone

31 Days of Income Protection

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: Video icon Disability insurance is often called income protection. It protects your income if you become too sick or hurt to work.

  • TIP 2: Why should you protect your income? Because disabilities happen, and they can last a long time.

  • TIP 3: Life and disability insurance often go hand in hand. One provides a death benefit. The other, a living benefit.

  • TIP 4: If a disability derails your savings, your plans for retirement may look very different. Protect your ability to save.

  • TIP 5: Calculator Don’t underestimate your lifetime earnings potential (Hint: It’s probably in the millions!) Calculate it:

  • 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!

  • TIP 7: If you woke up in a hospital tomorrow, would you be prepared?

Step 2: Understand What Your Paycheck Provides

  • TIP 8: Video icon It’s not just the big things your paycheck makes possible. It’s also the little things. Here’s why income protection matters:

  • TIP 9: Calculator 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?

  • 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?

  • TIP 12: If your income stopped tomorrow, what would you have to give up?

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.
  • TIP 14: What does disability look like and who does it affect? It can happen to anyone.
  • TIP 15: Here are 26 reasons why protecting your paycheck is so important - from A to Z.
  • TIP 16: Calculator The risk of becoming too sick or hurt to work is different for everyone. Calculate your own quotient:

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?

  • TIP 19 Do you know what your health insurance covers? Would it cover your mortgage, car payment or groceries?
  • TIP 20: Think about all the things you protect with insurance. Is your income on that list?
  • TIP 21: If you have group disability coverage, check with your employer to see what that policy covers. Ask these questions:
  • TIP 22: Did you know? Income protection is affordable. It’s less than what you might spend on little things each day.

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.

  • TIP 24: Nancy’s story: She was prepared to take a loss and retire early from teaching. Insurance benefits were there when least expected.

  • TIP 25: Video icon Bruce’s story: At the start of his career, he bought income protection, never expecting to use it. That decision paid off.

  • TIP 26: James’ story: A sudden stroke put his family and law firm at risk, but the right protection made all the difference.

  • TIP 27: Keith’s story: Even as a kid, he was passionate about being a veterinarian. Disability insurance helped keep his dream alive.

Step 6: Take Action

  • TIP 28: Calculator How much income protection coverage do you need to help weather a disability? Try this calculator: 
  • TIP 29: How does income protection fit with your overall financial strategy? Visit the planning center to evaluate your needs.
  • 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.
  • 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.

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

For More Information
Core Value Income Protection

Get the facts about the risk of disability from the Council for Disability Awareness.

CDA Facts

View a dozen reasons why income protection is so important with our consumer flipchart.

Our Story

See why we work. Our employees believe in the importance of income protection, and it shows.

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Get Started

Contact your financial advisor to discuss your income protection needs.

Don't have one? We can help you find one.


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