Paycheck is the Primary Source of Income for Half of Americans – Yet Nearly 70% are not Taking any Steps to Protect That Essential Asset
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"The risk of experiencing a serious illness or injury is more common than we'd like to believe, and the impact extends way beyond the physical," said
Disability income insurance is specifically designed to replace a significant portion of income and help with expenses and lifestyle needs if sickness or injury prevents a person from earning a living. This can help preserve an existing nest egg, provide flexibility to keep contributing to retirement savings and enable an individual to focus on their health without added financial stress.
However, despite the benefits,
"As life expectancies and costs increase, people are already tightening budgets and stretching savings to prepare for the possibility of an extended retirement," continued Stribling. "Disability income insurance is an easy, affordable way to relieve some of the pressure of the unexpected and keep retirement planning and other financial goals on track. Protecting the one asset that protects all other assets should be at the core of any financial plan."
May is Disability Insurance Awareness Month and an opportune time to discuss available options with a financial professional, including the differences between group policies offered by some employers and individual supplemental policies that may offer a higher level of protection and could be maintained through a job change.
NorthwesternMutual.com provides a variety of tools and educational resources, including a new Disability Insurance Calculator that analyzes individuals' current financial plans to answer the question: "What would your life be like without a paycheck?"
About The 2016 Northwestern Mutual Planning & Progress Study The 2016 Northwestern Mutual Planning & Progress Study explores the state of financial planning in America today, and provides unique insights into people's current attitudes and behaviors toward money, goal-setting and priorities.
This study was conducted by Harris Poll on behalf of
For more information, please visit www.northwesternmutual.com.
Keywords for this news article include: Insurance,
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