On Tuesday’s “Insurance Matters” my guest was Ryan Pinney, a SeniorChartered Financial Planner, and we addressed why one of the nation’s issues facing families’ is, insufficient income when the bread winner becomes disabled from an accident or illness.
Ryan shared some stories that touched upon what The Council for Disability Awareness, TCDA; (www.disabilitycanhappen.org) presents the key reason for this National problem: No Income Protection Insurance!
Here are only a few of the startling statistics presented by TCDA:
3 in 10 workers entering the work force today will become disabled before retiring.
95% of the reported disability claims are not work-related.
An illness or accident will keep 1 in 5 workers out of work for at least a year before age 65.
Most Americans don’t have enough savings to meet short-term emergencies.
71% of American employees live from paycheck to paycheck.
Here are the solutions:
Employers need to offer group disability income protection insurance. The premiums are very low.
Employers should offer payroll deduction individual disability income protection insurance. This approach is easy for the employer, employee and the families will benefit.
Or Employees can purchase individual income protection outside of the workplace.
Contact me for further information at 916-265-3837 or firstname.lastname@example.org
Tune into “Insurance Matters” every Tuesday 8 a.m. on Sacramento’s Money 105.5 KSAC or online www.smallbiztalkradio.com